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CARDINAL ENERGY LTD . Cardinal Energy Ltd. Announces Second Quarter 2021 Financial Results CALGARY , Alberta , July 28 , 2021 ( GLOBE NEWSWIRE ) -- Cardinal Energy Ltd. ( " Cardinal " or the " Company " ) ( TSX : CJ ) is pleased to announce its operating and financial results for the second quarter ended June 30 , 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 and six month periods ended June 30 , 2021 which are available at www.sedar.com and on our website at www.cardinalenergy.ca . Q2 2021 HIGHLIGHTS • Adjusted funds flow of $ 25.3 million ( $ 0.16 per diluted share ) was 57 % higher than the previous quarter and was impacted by a realized commodity price risk management loss of $ 13.7 million ; • Maintained capital discipline while executing a $ 10.3 million capital program which included drilling two Midale injection wells for our Enhanced Oil Recovery ( " EOR " ) CO2 injection program ; • Second quarter production of 17,949 boe / d was 5 % higher than the same period in 2020 ; • ⚫ Free cash flow reduced net debt by $ 12.1 million in the second quarter of 2021. In the first six months of 2021 , net debt has been reduced by $ 40.5 million or 16 % of the net debt level at December 31 , 2020 ; • Subsequent to the end of the second quarter , Cardinal closed the acquisition of Venturion Oil Ltd. ( " Venturion " ) adding approximately 2,400 boe / d ( ~ 83 % oil ) focused in central Alberta for $ 47.5 million ; ( $ 000's except shares , per share and operating amounts ) Three months ended June 30 2021 2020 % Chg Six months ended June 30 2021 2020 % Chg Financial Petroleum and natural gas revenue Cash flow from operating activities 99,106 22,463 ( 10,276 ) n / m 31,711 213 184,653 95,184 94 35,738 11,765 204 Adjusted funds flow ( 1 ) 25,300 ( 3 ) 2,065 n / m 41,449 17,013 144 per share basic $ 0.18 $ 0.02 n / m $ 0.30 $ 0.15 100 per share diluted 0.16 $ ( 3 ) 0.02 n / m $ 0.30 $ 0.15 100 Earnings ( loss ) 9,095 ( 27,546 ) n / m ( 16,866 ) ( 478,490 ) ( 96 ) per share basic and diluted $ 0.06 $ ( 0.24 ) ( 125 ) $ ( 0.14 ) $ ( 4.22 ) ( 97 ) Development capital expenditures ( 1 ) Other capital expenditures ( 1 ) 10,028 277 776 n / m ( 3 ) 15,935 22,558 ( 29 ) 280 ( 1 ) 571 639 ( 11 ) Acquisitions , net 8 n / m ( 3 ) 3,334 n / m ( 3 ) Total capital expenditures 10,313 1,056 n / m 19,840 23,197 ( 14 ) Common shares , net of treasury shares ( 000s ) 144,172 113,382 27 27 Bank debt 178,239 217,206 ( 18 ) Adjusted working capital deficiency ( 1 ) 10,662 5,012 113 ( 1 ) Net bank debt 188,901 222,218 ( 15 ) Secured notes 17,429 n / m ( 3 ) Convertible debentures 44,451 ( 100 ) Net debt ( 1 ) 206,330 266,669 ( 23 ) Net debt to H1 annualized adjusted funds flow ratio ( 1 ) 2.5 7.8 ( 68 ) Total payout ratio ( 1 ) 38 % 153 % ( 75 )