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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. Appoints Capital City Securities Placement Agent

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‘$4,600,000 Series D Preferred Stock Offering’

Abilene, TX April 11, 2017 – Cardinal Energy Group, Inc (“Cardinal Energy” or “the Company”) (OTCQB: CEGX) announces the engagement of Capital City Securities, LLC based in Columbus, Ohio to be one of the placement agents for our $4,600,000 Series D Preferred Stock Offering. The Company filed with the Nevada Secretary of State on March 30, 2017 an amendment to the Certificate of Designation for the Company’s Series A Preferred Stock and filed three additional Certificates of Designations to designate the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock. (Refer to SEC Form 8-K filed on March 31, 2017 for a complete description of each designation)

The Company authorized 1,000,000 shares of Series B Preferred Stock, which will be issued to EOI Eagle Operating, Inc (“Eagle”) headquartered in Frisco, Texas upon the execution of the Final Definitive Agreement between Eagle and Cardinal Energy to acquire Eagle’s oil & gas leases, existing wells and equipment. The Series B Preferred stock can convert into 10% of the issued and outstanding common stock of the Company. (Refer to SEC Form 8-K filed on March 31, 2017 for a complete description of the designation)

The Company authorized 4,600,000 shares of Series D Preferred Stock with a stated value of $1.00 per share. The Series D Preferred Stock will pay a 5% annualized dividend, can convert into 55% of the issued and outstanding common stock of the Company and will be issued together with an aggregate 5% ORRI (Overriding Royalty Interest) on the assets (leases with 60 existing wells and new wells) acquired with the Net Proceeds from the sale of the 4,600,000 shares of Series […]

By | 2017-04-12T21:15:45+00:00 April 11th, 2017|Investor Relations, News|0 Comments

Cardinal Releases 3rd Quarter Earnings Report

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‘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. Awarded Partial Default Judgement in Lawsuit

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‘Damages expected to exceed $2,000,000’

Abilene TX, November 25, 2015 — Cardinal Energy Group, Inc. (“Cardinal Energy” or “the Company”) (OTCQB: CEGX) reports that the Company has been awarded a partial default judgement on August 5, 2015 based on a lawsuit it filed in the District Court of Shackelford County, Texas, 259th Judicial District, against HLA Interests, LLC, Phillip Allen, SEDCO Operating, LLC, ERCO Holdings, Ltd, Caleb David Elks, and Michael Cies dba Terlingua Oil Associates.

Timothy W. Crawford, CEO of Cardinal remarks, “Cardinal filed this lawsuit against the corporate defendants and the individual members in their personal capacities on June 3, 2015. The lawsuit stems from a Working Interest Purchase Agreement that Cardinal entered into on July 3, 2013 with Defendant HLA Interests (an oil and gas management company that owns and controls existing oil fields in Texas), pursuant to which Cardinal agreed to purchase from HLA Interests its 85% working interest in 5 oil and gas leases known as the Dawson-Conway Leases (the “Leases”) in Shackelford County, Texas. Cardinal was fraudulently induced to enter into the Agreement by the defendants, who knew that 3 of the 5 Leases had expired prior to executing the Agreement.”

Mr. Crawford further comments, “Cardinal’s out-of-pocket damages as a result of the claims asserted in this lawsuit have been calculated at $1,735,765. Adding the claims for attorneys’ fees, and other damages, including punitive damages as a result of the intentional fraudulent conduct, Cardinal’s damages will exceed $2,000,000. Cardinal will be awarded, at a minimum, its out-of-pocket damages of $1,735,765, with a good possibility that the Court will also award attorneys’ fees and punitive damages as a result of the defendants’ conduct.” The Company anticipates that a hearing on damages will be […]

By | 2017-04-13T22:33:28+00:00 November 25th, 2015|Investor Relations, News|0 Comments

Cardinal Energy Group, Inc. – Second Quarter Earnings Report

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‘CEGX reports near record quarterly performance’

Abilene TX, August 25, 2015 — Cardinal Energy Group, Inc. (“Cardinal Energy” or “the Company”) (OTCQB: CEGX) is pleased to report its best “EBITDA” (earnings before interest, taxes, depreciation and amortization) quarter since the company was founded. EBITDA for the quarter ended June 30, 2015 was $541,491 compared to a negative $925,898 for the quarter ended June 30, 2014. Operating revenues surged to $660,444 in the current period compared to $59,920 for the comparable period in 2014. The increase in operating revenues primarily reflects increased contract development activities at the Bradford “A” and “B” leases. The increase in operating revenues occurred despite a dip in crude oil sale revenues which reflect lower crude oil prices (realized prices averaged $48.94 BBL in the second quarter of 2015 versus $91.77 BBL in the second quarter of 2014) and lower production volumes due to mechanical and down-hole issues at some of our recently developed properties in north-central Texas.

Operating income (operating revenues less operating expenses) for the second quarter of 2015 increased to $95,792 compared to an operating loss of $936,937 recorded in the second quarter of 2014 and represents the second highest level of operating income in the Company’s history. The increase in operating income not only reflects higher operating revenues but also reflects a decrease in operating expenses which reflects the Company’s decision to shift its focus from re-working of existing wells to in-field development drilling on its Texas oil and gas properties.
The Company’s net comprehensive loss narrowed to $316,847 or $0.01 per share in the second quarter of 2015 compared to a net comprehensive loss of $1,193,172 or $0.03 per share for the comparable period of 2014. […]

By | 2015-08-25T16:29:26+00:00 August 25th, 2015|Investor Relations, News|0 Comments