‘4 new wells drilled, 3 more slated to be drilled over the next couple of weeks’
Dublin OH, December 19, 2014 — Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that since drilling resumed December 1st on the Bradford Lease 4 new wells have been drilled, the B #13, B #10 and the B #8. The next locations, the B #17, B #14, and A #14 are permitted and will be drilled over the next two to three weeks to complete the drilling portion of the Bradford Drilling Program, which consists of 7 existing wells and 14 new development wells. The wells are located in Shackelford County, Texas within a couple of miles from Cardinal’s Albany, Texas field operations facility.
Timothy Crawford, CEO of Cardinal remarks, “We had five wells left to drill and complete in order to finish the current Bradford Drilling Program. We are drilling our third new well, the B #8 and have finished drilling and logging the B #10. The geological report for the B #10 estimates oil reserves of 6,339 barrels in the Frye formation and 12,521 barrels in the Tannehill formation. We added an additional well to the program after we determined that the B #13 was not commercially viable to complete based on the logging report, we added the A #14 well to replace the B #10.
Mr. Crawford goes on to say, “After the B #8 is drilled and completed we will have the B #17, B #14 and the A #14, which will complete the drilling aspect of the program. Overall with the 8 wells we have drilled and completed, the primary production is approximately 30 BOPD. As we bring all of the new wells on-line we anticipate approximately 75 BOPD primary production just from the Bradford Lease. Production will further increase as the water-flood begins to affect the formation as this is an important component to the Bradford Lease’s production potential. With lower oil prices we will continue to focus on drilling and completing shallow oil wells in the Central Texas area as the cost to drill and complete these wells is extremely cost efficient even with at oil prices below $50 per barrel.”
More information on Cardinal Energy Group, Inc. is available at www.cegx.us.
About the Tannehill
Abstract by Geologist James E. Russell regarding water-flood results in the Tannehill Sandstone: Waterflooding the Tannehill sandstone underlying the Newell Lease in Shackelford County, Texas, can be considered a success. Pilot operations were commenced in May, 1952 by the Tannehill Petroleum Company. Performance of the Pilot Flood was encouraging and a decision to proceed with full-scale development was made early in 1954. By the end of 1956 the project had been extended to cover 393 acres and presently includes productive acreage on the Newell, Moberly and Jeter Leases. Production was increased as a result of water injection from 20 barrels per day to a peak rate of 498 barrels per day or 25 times the rate under primary operations.
Oil recovery as a result of water injection has amounted to 286, 446 barrels as of December 31, 1956. Engineering estimates indicate a recovery of approximately 800,000 barrels as a direct result of water flooding the area presently developed. This recovery is in addition to that obtained through primary production methods.