Share

‘Oil production increases approximately 40%’

Abilene TX, July 23, 2015 — Cardinal Energy Group, Inc. (“Cardinal Energy” or “the Company”) (OTCQB: CEGX) reports on the progress at the Bradford A & B leases as the operator for Keystone Energy.

The following is a summarized “field report” from CEGX of Texas’ Albany operations office for the week ending July 18:

  • B # 4 – Completed second injector well and put it on-line thereby doubling injection volumes.
  • B #10 – Completed well and put into production.
  • A #4 – Added perforations to well and treated the existing zone. Also perforated and treated two additional zones doubling the water volume from the well.
  • A #5 – Installed new well pump.
  • A #3 – Installed new well pump.
  • A #1 – Installed new well pump.
  • B #1 – Installed new well pump, perforated and treated additional interval of sand.
  • A #14 – Drilled the well. It will be completed week of July 25th.
  • BW #1 – Bradford West – Completed the initial well, perforated and treated it. Ran rods and tubing. Set pump jack. Electric and tanks are to be installed.

Timothy Crawford, CEO of Cardinal comments, “Our recent drilling, completion and re-work activities on the Bradford A & B leases have been successful. As a result of our repairs we are seeing a 30% to 50% initial increase in oil production. We have doubled our source water volume and injection capability for the water flood. We anticipate as the increased water flood takes effect over the next several months that production will continue to increase significantly.

The A #14 well needs to be perforated in the Hope Sand so we can use it as an additional water source to further increase water flood volumes.” He goes on to say, “We have done general maintenance and repairs to our Bradford A & B lease, fixing the roads and meters due to recent weather damage and changing out down-hole pumps to more efficiently handle increased fluid production volumes. We also drilled our first well, the BW #1, on the Bradford West lease. We are now assessing various development options based on our findings from the new well.”