(MENAFN- ProactiveInvestors)Cardinal Energy (TSE:CJ) shares raced as much as 6.4% higher on Wednesday after the company reported a bullish outlook for 2016 with its fourth quarter results. Although the Canadian company recorded weaker net income and lower revenue in the final quarter ended December 31 it also stated that in terms of lower commodity prices "the worst is behind us." The comments were well-received by investors used to reading about depressed oil prices and the impact this has had on smaller energy companies. Cardinal reported fourth quarter net income of C$938000 or C$0.01 per share compared with C$26.9 million or C$0.46 per share in the same quarter of the previous year. Revenues dropped to C$43.3 million down from C$63.2 million a year earlier. There was also a boost to reserves. Increased total proved reserves ("1P") rose by 37% to 44.0 Mmboe. 1P reserves per share increased 20% from 2014 on both a basic and fully diluted basis. Proved reserves are 74% of Cardinal's 2P reserves. 2P reserves increased by 38% to 59.5 Mmboe in 2015. On a per share basis 2P reserves increased by 21% on both a basic and fully diluted basis. Cardinal's reserves include 13 booked proved undeveloped locations and 8.8 booked probable undeveloped locations. Cardinal shares were last seen up 5.3% at C$8.59.
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