‘Drilling commences on first well: 20 new wells to be drilled on the lease’
Dublin OH, April 1, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that it has secured its first drilling permit for its recently acquired 200 acre Bradford West Lease, which is adjacent and to the West of its Bradford A and B Leases. The first well of a twenty well program, the Bradford BW-1 well was drilled on March 16, 2015. Upon completion of the tank batteries and minor infrastructure requirements the Bradford BW-1 will be completed.
Timothy Crawford. CEO of Cardinal, stated “We are very pleased to announce this major step forward as the logging report indicates this to be a strong producing well with a good show of oil in the Frye formation. We are following the channel trend guided by the data we receive from drilling each new shallow well. We will institute a water flood plan on the Bradford West Lease, which should significantly increase production moving forward and mitigate the decline curve inherent to any well.” Crawford concluded, “The Bradford West is a shallow oil play that meets our goal of profitability by maintaining our finding and lifting cost below $15 per barrel.”
EXCERPT FROM THE GEOLOGICAL REPORT ON THE BRADFORD BW-1 WELL
The Frye Sandstone is at 492’ to 506’. The zone had an excellent gas kick and oil cut, free oil was washing out of the sand during initial recovery from the ditch collection point and later upon lab examination. The sandstone was described as light brown to brown color with a fine to medium grained texture and friable on the crush test. With an average porosity of 19% the Frye sandstone would calculate to contain over 8,000 barrels of oil from a water drive sandstone reservoir.