Oil and Gas Programs

/Oil and Gas Programs

Cardinal Releases 3rd Quarter Earnings Report

Share

‘CEGX continues its transition to contract drilling and field development operations’

Abilene TX, December 8, 2015 — Cardinal Energy Group, Inc. (“Cardinal Energy” or “the Company”) (OTCQB: CEGX) reports that “EBITDA” (earnings before interest, taxes, depreciation and amortization) for the quarter ended September 30, 2015 was $92,390 compared to $454,330 for the quarter ended September 30, 2014. “EBITDA” for the nine months ended September 30, 2015 was a negative $93,061 compared to a negative $1,130,059 for the comparable period of 2014.

The Company reported an Operating Loss (operating revenues less operating expenses) for the third quarter of 2015 of $344,964 compared to operating income of $233,819 recorded in the third quarter of 2014. The Company’s Operating Loss for the nine months ended September 30, 2015 narrowed to $716,366 from an Operating Loss of $1,305,638 for the comparable period of 2014. The current periods’ results were hampered by delays in the receipt of capital required for the development of the Bradford leases which necessitated a cessation of operations during the third quarter of 2015. Capital funding resumed in mid-September and the Company has resumed drilling and development activities on the properties. Operating results during the three month and nine month periods ended September 30, 2015 also reflect lower crude oil prices and lower production volumes due to mechanical down-hole problems and legal issues at some of our recently developed properties in north-central Texas. These negative factors were partially offset by decreases in operating and production expenses which reflect the Company’s decision to shift its primary focus from the re-working of existing wells on its Texas oil and gas properties to providing contract drilling and field development services to third parties.

The three month and nine […]

By | 2017-04-13T22:33:28+00:00 December 8th, 2015|Investor Relations, News, Oil and Gas Programs, Stock Market|0 Comments

Cardinal Energy Group, Inc.: Bradford A & B Report

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 […]

By | 2017-04-13T22:33:28+00:00 July 23rd, 2015|Investor Relations, News, Oil and Gas Programs|0 Comments

Cardinal Energy Group (CEGX) Settles Dispute with Concho Oilfield Services, LLC

Share

‘Concho to repair Cardinal’s prolific well on its Dawson-Conway Lease’

ABILENE, TX June 30, 2015 – Cardinal Energy Group, Inc. (OTCQB: CEGX) (“Company”) is pleased to announce that the attorneys for Concho Oilfield Services, LLC and Hudson Petroleum, Ltd., Co., have asked the court to dismiss their claims against the Company with prejudice. The motions filed with the Texas District Court for Shackelford County discharges Cardinal of its obligations pursuant to the March 10, 2015 Joint Settlement Agreement. The amicable settlement of the suit requires Concho Oilfield Services to repair CEGX’s No. 5B well on the Dawson-Conway 195B lease.

Timothy Crawford, CEO the Company comments, “This is good news on several fronts. First, the $100,000 payment cleans up our balance sheet by removing the obligation we accrued at December 31, 2014 in keeping with generally accepted accounting principles. Second, our payment and the motion filed with the court set the stage for Concho to begin the work necessary to repair the #5B well and get it producing again on our Dawson-Conway lease. That 195B #5B well was one of our best producers on the Dawson-Conway Lease, before Concho performed work on the well in February of 2014. Returning it to production is a critical first step in the Company’s efforts to fully monetize this property”.

By | 2015-06-30T15:32:21+00:00 June 30th, 2015|Investor Relations, News, Oil and Gas Programs|0 Comments

Cardinal Energy Group, Inc. (CEGX) Secures Long Term Project Financing

Share

‘Funding Provided by Maximilian Global through its subsidiary Keystone Energy’

ABILENE, Texas: June 22, 2015Cardinal Energy Group, Inc. (OTCQB: CEGX) (“Company”) is pleased to announce that it has secured long term project financing with Maximilian Global through the new company, Keystone Energy. Maximilian Global is a private equity firm based in New York and is controlled by Robert Levy. Maximilian Global formed Keystone Energy for the sole purpose of providing project financing to Cardinal through a joint venture approach. Cardinal initially owns a 5% stake in Keystone but has an option to acquire up to a 50% ownership stake in Keystone based on various oil & gas production benchmarks.

The first tranche of capital was received by the Company on Tuesday June 16th and was earmarked to complete the development of the Bradford A & B leases. The Company contributed a 10% Working Interest in the prospect to Keystone in exchange for a 5% ownership stake in Keystone and received $250,000 in cash from Keystone for its remaining 10% Working Interest in the properties. Maximilian Global has committed a total of $2,600,000 specifically for the Bradford A & B leases through Keystone Energy.

This first project financing is part of a long term plan by the Company and Maximilian Global to provide a revolving line of credit to Cardinal, up to a maximum aggregate amount of $25,000,000, through a strategic partnership approach to capitalize on select lease acquisition and oil and gas development opportunities with the aim to diversify and grow Cardinal’s reserves base.

“We look forward to a long and prosperous relationship with Robert Levy and his company Maximilian Global. We have been building towards this […]

By | 2017-04-13T22:33:28+00:00 June 22nd, 2015|Investor Relations, News, Oil and Gas Programs|0 Comments

Cardinal Energy Group (CEGX) Engages JP Fortune Group

Share

‘Campaign to Expand Financial Operations and Investor Awareness’

Dublin OH, May 12, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce it has engaged JP Fortune Group (JPF), one of North America’s premier small-cap advisory firms. JP Fortune Group will assist the Company in capital market positioning, financial operations management, M&A opportunities, and strategic investor communications. JPF will implement a comprehensive equity growth strategy and execute an extensive investor relations campaign. The Company’s goal is to exploit opportunities in the financial marketplace while increasing market value for its shareholders’ equity.

“We are excited to work with JP Fortune Group to expand our financial operations while increasing shareholder opportunities. We intend to strategically enhance our shareholder communications, as we believe the investor community will better appreciate the value we’re creating in the marketplace,” said Timothy Crawford, Chairman and Chief Executive Officer of CEGX.

“We have interviewed the management of CEGX over the past weeks. And we have watched their performance. Cardinal has a superior management team that has developed a proven growth model that is focused on producing shallow oil in Texas, which allows the Company to be profitable due to its economical lifting fees. Consequently we are highly confident CEGX will become a significant player in the financial markets even during this industry downturn,” stated Larry Fortune, Managing Partner of JP Fortune Group.

By | 2017-04-13T22:33:28+00:00 May 12th, 2015|Investor Relations, News, Oil and Gas Programs|0 Comments