‘New Symbol, CUSIP and Reverse Stock Split Reflect Energy Company Acquisition’
COLUMBUS OH, December 19, 2012 / PRNewswire: Cardinal Energy Group announces that its transition to an Independent Oil and Natural Gas Producer is complete. The transition due to the acquisition of Cardinal Energy Group of Columbus OH by Koko, Ltd resulted in a new stock symbol (CEGX), a new CUSIP, a reverse stock split of 1 for 2.5 shares and the Company’s name change.
Timothy Crawford, the newly elected CEO of Cardinal Energy Group, Inc. comments, “The acquisition of Cardinal Energy Group occurred on September 30, 2012. Since then we have gone through a rigorous process of transitioning the former public company (Koko, Ltd) into an independent oil and natural gas producer. Our headquarters are now based in Dublin, a suburb of Columbus OH. We have been working with FINRA, the SEC, Empire Stock transfer, CUSIP Global Services and the Nevada Secretary of State among the various agencies to complete our reverse stock split, name change, CUSIP and stock symbol change. With these important tasks accomplished we can now focus on our business model and are positioned to have a spectacular year in 2013.”
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.
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.