Acquisitions

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Cardinal Energy Group, Inc. Acquires EOI Eagle Operating, Inc Assets

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Abilene, Texas April 18, 2017 – Cardinal Energy Group, Inc (“Cardinal Energy” or “the Company”) (OTCQB: CEGX) announces the acquisition of EOI Eagle Operating, Inc (“Eagle”) assets. The Company and Eagle formally executed the definitive agreement to acquire the assets of EOI Eagle Operating, Inc located in Frisco, Texas on April 18, 2017. The Company issued 1,000,000 shares of the Series B Preferred stock and a note for $250,000 to acquire the assets of EOI Eagle Operating, Inc.

Timothy W. Crawford, CEO of Cardinal Energy stated, “We are pleased to announce the acquisition of Eagle’s assets as these assets will generate significant revenues to the Company. However, the jewel of this acquisition is the many years of experience that Paul Carlisle brings to Cardinal”. Paul will be appointed by the Board of Directors in the next 30 days to the position of President and Chief Operating Officer of the Company. Paul will oversee all of the Company’s day to day operations in the field and will report to the Company’s CEO and Board of Directors.

Paul Carlisle, President and Owner of EOI Eagle Operating, Inc commented, “This is a very exciting time for all of us involved with the Cardinal Energy Group. I am proud to accept my new role as President and Chief Operating Officer of Cardinal. I feel the company is strategically positioned as the result of the addition of Eagle’s existing leases and new equipment to fully develop all of the existing properties held by Cardinal Energy Group and the additional leases which will be acquired in the near future as the result of the Company’s current capital raise.

Our focus will be to first re-establish production on the […]

By | 2017-04-20T17:00:46+00:00 April 20th, 2017|Acquisitions, News|0 Comments

Cardinal Energy Group, Inc. Acquires Bradford “West”

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‘20 new wells to be drilled and completed over the next three months’

Dublin OH, January 7, 2014 — Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that it has acquired the Bradford “West”. The new prospect is comprised of 200 acres and is located adjacent and to the west of Cardinal’s existing Bradford field. The prospect was acquired for $20,000 on December 31, 2014. The lease is also located within a couple of miles of Cardinal’s Albany, Texas field operations facility in Shackelford County, Texas. Cardinal is in the process of securing drilling permits for the 20 new locations that the geologist has identified in the formation. Cardinal pursued this new Bradford “West” lease largely because of the success of the first Bradford Lease acquired in 2014.

Timothy Crawford, CEO of Cardinal comments, “We are excited about this new Bradford West Lease and its potential for good production. It is adjacent, and to the west, of our existing Bradford Lease where we are winding up our successful 21 well drilling program. We have learned a lot from drilling and completing most of the 21 wells on our original Bradford lease. The drilling activity on the original Bradford has given us good insight into the Lease’s geological formation. It has helped us to determine the sweet spots in the formation overall, making our well locating and drilling more efficient and accurate. This new field will also be water flooded to enhance its production considerably. We anticipate the new wells that we are planning to drill starting this month, to have as good or better production than the original Bradford Lease where we have drilled and are winding up completion of its 21 wells. The new wells on […]

By | 2017-04-13T22:33:29+00:00 January 7th, 2015|Acquisitions, Investor Relations, News, Oil and Gas Programs|0 Comments

Cardinal Energy Acquires the Fortune Lease

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‘Wells to be Drilled to Prolific Caddo Formation’

Dublin OH, September 2, 2014 — Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that it has completed the acquisition of the Fortune Lease. Cardinal will participate in 50% of the play on 310 acres. The lease has one un-completed, plugged well that will be re-entered and re-drilled to the prolific Caddo formation. Activity should commence on or about September 15, 2014. The plan is to continue the development of the lease by drilling 3 to 5 new wells into the various other formations on the lease.

Timothy Crawford, CEO of Cardinal, comments, “This target has been recognized by utilizing geophysical and seismic data. The formation shows a very strong amplitude anomaly. This re-entry is up dip from a known producer that had an initial production of 150 BOPD. We are looking forward to the development of this prospect and its potential to add to our daily production.”

The following is a geological abstract from the site http://jackcountydeals.weebly.com/ regarding the Caddo and the other associated formations:

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.

There has been a rapid […]

By | 2014-09-02T18:47:54+00:00 September 2nd, 2014|Acquisitions, Investor Relations, News|0 Comments

San Antonio Business Journal Story on CEGX

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‘Cardinal Energy eyes more acreage in Eagle Ford and Permian Basin’

San Antonio Texas, July 16, 2014 – Sandford Nowlin, Reporter-San Antonio Business Journal

Cardinal Energy Group Inc., which recently inked a deal for 2,800 acres in the Eagle Ford Shale, is on the prowl for additional drilling sites in the South Texas oil-and-gas play and in West Texas’ Permian Basin.

Dublin, Ohio-based Cardinal initially focused on purchasing underperforming and abandoned oil assets, but has since expanded its business plan to picking up undervalued acreage in booming plays such as the Eagle Ford, says John May, its senior vice president.

“We’re after the overlooks in these areas, the defaults,” May says. “We have the money to buy what we need, but the opportunity has to be right.”

May declined to say how much Cardinal is able to spend on new acquisitions in the Eagle Ford and Permian, but adds that the company is willing to reach partnerships with established operators to purchase and develop assets there.

“There’s a benefit to partnering with the majors in explosive areas like these,” he says. Cardinal is purchasing its first Eagle Ford holdings from Germany’s Nordic Oil USA 1 LLLP. It expects to close its deal for 2,800 acres in Gonzales and Wilson counties within six weeks.

The pending transaction includes interests in ten producing wells, one wastewater disposal well, production equipment, leases and drilling permits plus other assets needed to operate the wells. Cardinal currently operates 90 wells across 4,000 acres. About 1,800 acres of those holdings are in Texas.

By | 2017-04-13T22:33:29+00:00 July 25th, 2014|Acquisitions, Investor Relations, News, Oil and Gas Programs|0 Comments

Cardinal Energy in Agreement to make significant entry into the Eagle Ford Shale

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‘2,800 acres and 11 wells in the prolific Eagle Ford Shale play to be added to Cardinal’s assets’

Dublin OH, July 14, 2014 — Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce the signing of a Term Sheet laying out the specific terms and conditions precedent to a final Purchase & Sale Agreement to acquire oil and gas lease interests on approximately 2,800 net acres, located in the Eagle Ford Shale formation underlying Gonzales and Wilson Counties in the central portion of the State of Texas. The acquisition includes operating interests in ten producing wells, one salt water disposal well, production equipment, leases and drilling permits, together with all transferable intellectual assets held by Nordic Oil USA 1 LLLP necessary to the operation of the wells and leases.

Gonzales and Wilson counties are in the northern expansion area of the Eagle Ford Shale formation. The industry has been moving north into these areas and is having impressive results with some IP’s (Initial Production Rates) of 3,000 to 4,000 BOPD. The area also has other potential formations including the Austin Chalk and Buda.

“We have been diligently looking for an entry into the Eagle Ford Shale formation for the past year. We are really thrilled with the signing of this term sheet with Nordic and are excited by the opportunity to participate in the development of oil resources in the Eagle Ford Shale formation,” CEO Timothy Crawford commented, “These oil and gas properties are currently producing primarily from the Anacacho and Austin Chalk formations and also include the deep rights in approximately 1,500 net acres, for the development of the Eagle Ford Shale and Buda formations, which are below the base of the Austin […]

By | 2014-07-14T21:47:15+00:00 July 14th, 2014|Acquisitions, Investor Relations, News, Oil and Gas Programs|0 Comments