‘3 new wells drilled and ready for completion’
Dublin OH, October 29, 2014 — Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that 2 new wells have been drilled, logged, cased and cemented over the last two weeks on the Fortune Leases since the first CW Hendrick B #1 well was re-entered in early October of this year. All 3 wells are scheduled to be completed over the next two weeks. One well was drilled to the Caddo Limestone and the other 2 wells were drilled to the Cook Sandstone. Cardinal is participating with a 50% working interest in these wells.
The Hendrick Ranch ‘S’ #2 and #3 wells were drilled to a total depth of 1,850 feet. Several geological formations were encountered during the course of drilling to the Cook Sandstone. The Cook Sandstone had good oil shows while being drilled and logs indicate that there is 8 feet of oil on top of the formation that looks very productive in both wells. The Cook Sandstone also exhibited excellent reservoir characteristics in both wells.
Timothy Crawford, CEO of Cardinal comments, “We have drilled two new wells since we re-entered the CW Hendrick ‘B’ #1 well in the beginning of October. They are the Hendrick Ranch ‘S’ #2 and the Hendrick Ranch ‘S’ #3. The re-entry on the CW Hendrick ‘B’ #1 was drilled to the Caddo Lime and the other 2 wells were drilled to the Cook Sandstone. We will be completing the three wells over the next two weeks to begin our initial production. The Caddo and Cook zones that we will be perforating have excellent oil shows. We are looking forward to the completions and initial production results over the next several weeks.”
About the Caddo Formation
The Marble Falls, Caddo, and the Mississippi Lime formations are shallow and found in numerous counties within the Fort Worth Basin, and are in the same geographic area as the prolific Barnett Shale play in North Texas. The vast majority of wells drilled to date have been vertical completions, typically providing high initial production, with lower drilling and completion costs. Shorter horizontal legs are showing great promise to date. Because of the limestone’s porosity and natural fractures, drill and completion costs can be 35-50% of the typical unconventional well costs compared to other currently active plays in Texas, New Mexico and Oklahoma.