‘As President Mr. McCabe will oversee day to day operations’
DUBLIN OH, May 16, 2013 / PRNewswire: Cardinal Energy Group, Inc. (CEGX) appoints James McCabe as Company President. Mr. McCabe has over thirty years’ experience in the petroleum industry. He began his career as an independent oil and gas investor. He has served in an executive management capacity and has been involved with corporate development and finance for his companies. Over his career he has directed drilling operations; he has managed oil and gas fields along with maintaining its equipment; he has also supervised transportation and excavation operations. Mr. McCabe will directly oversee and manage Cardinal Energy Group’s assets.
Mr. McCabe has been responsible for the development of many novel tools and techniques for Ultra-Short Radius Horizontal Drilling, working with partners Amoco and WellTec. He has worked to acquire, develop, and commercially use short radius horizontal drilling technology through companies he helped found, including Horizontal Systems Inc., Directional Drilling Systems, Inc., Sidewinder Tools Corporation, and Vector Drilling Company.
In 2003, Mr. McCabe led the acquisition of the Big Foot Field in South Texas, previously discovered and owned by Shell Oil Company from 1946 to 1991 and consisting of 7,000 acres and 600 wells. Mr. McCabe was responsible for supervision of the Big Food Field until 2012.
Mr. McCabe remarks, “I am enthusiastic about join Cardinal Energy Group as President. I have been working alongside Cardinal’s executives since November 2012 identifying and vetting oil and natural gas prospects for acquisition. During my time with Cardinal as a key consultant, I have come to know its executives and have watched the team carry out their duties with precision. Consequently, I am thrilled to join the Cardinal management team to help build the Company into an oil and natural gas powerhouse”.
Forward Looking Statements
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Cardinal Energy Group, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our ability to obtain financing and close on the acquisition of the oil and gas leases and property, our beliefs concerning our ability to increase the rate of oil and gas production, and the expected demand, pricing and operating results for our oil and gas operations.
About Cardinal Energy Group, Inc.
Cardinal Energy Group, Inc. is a U.S producer of oil and natural gas within the United States. The Company is based in Dublin, Ohio. Cardinal focuses on known formations that have significant proven reserves remaining that can be produced economically. Cardinal targets fields with wells that may need remediation due to neglect or undercapitalization. We select prospects that offer a strong up-side for production. The upside we seek in a prospect is twofold – it must have the potential to be restarted or have its current production increased using newer technology and remediation methods and; it must also have additional lease acreage which can be further developed by completing development wells adjacent to existing producing wells. Cardinal exploits these undervalued assets by acquiring a majority working interest in the prospect and then applies the Company’s calculated development plan. Cardinal also seeks acquisitions of over-leveraged companies when there is a clear upside from their purchase based on strong commodity prices. The Company operates throughout the Continental United States. More information on Cardinal Energy Group, Inc. is available at www.cardinalenergygroup.com.