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CARDINAL ENERGY LTD . Cardinal Energy Ltd. Announces First Quarter 2021 Financial Results and Increased 2021 Budget CALGARY , Alberta , May 13 , 2021 ( GLOBE NEWSWIRE ) -- Cardinal Energy Ltd. ( " Cardinal " or the " Company " ) ( TSX : CJ ) is pleased to announce its operating and financial results for the first quarter ended March 31 , 2021 . Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three months ended March 31 , 2021 which are available at www.sedar.com and on our website at www.cardinalenergy.ca . HIGHLIGHTS • Generated $ 16.1 million of adjusted funds flow , an 8 % increase over the same period in 2020 and a 19 % increase over the prior quarter . Excluding realized hedging losses , adjusted funds flow was $ 30 million ; • Maintained discipline while executing a $ 9.5 million capital program focused on asset base optimization which included a minor consolidating acquisition of light oil production which closed at the end of March ; • Demonstrated the continued resilience of our asset base with average production of 18,385 boe / d in the quarter ; • Reduced net debt by $ 28.4 million in the quarter or 11 % from year - end 2020. Net debt has decreased by $ 55.4 million or 20 % as compared to the first quarter of 2020 ; • Subsequent to the end of the first quarter , Cardinal completed the annual renewal of our $ 225 million credit facility extending the maturity date to May 2023 ; • Higher forecasted prices have allowed us to increase our 2021 capital budget to approximately $ 46 million which we expect to contribute to incremental net debt reduction of approximately $ 40 million over the previously released 2021 budget . ( $ 000's except shares , per share and operating amounts ) Financial Petroleum and natural gas revenue Cash flow from operating activities Adjusted funds flow ( 1 ) per share basic and diluted Loss per share basic and diluted Three months ended March 31 , 2021 2020 % Chg 85,547 63,473 35 13,275 22,041 ( 40 ) 16,149 14,948 8 $ 0.12 $ 0.13 ( 8 ) ( 25,961 ) ( 450,944 ) ( 94 ) $ ( 0.20 ) $ ( 3.98 ) ( 95 ) ( 1 ) Development capital expenditures 5,907 21,782 ( 73 ) Other capital expenditures ( 1 ) 294 359 ( 18 ) Acquisitions , net 3,326 n / m Total capital expenditures 9,527 22,141 ( 57 ) Common shares , net of treasury shares ( 000s ) Dividends declared 144,388 113,354 27 3,511 ( 100 ) per share 0.03 ( 100 ) Bank debt Adjusted working capital deficiency ( 1 ) Net bank debt ( 1 ) Secured notes Convertible debentures Net debt ( 1 ) 188,984 192,965 ( 2 ) 12,655 35,909 ( 65 ) 201,639 16,809 228,874 ( 12 ) n / m 44,931 ( 100 ) 218,448 273,805 ( 20 )