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

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‘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

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‘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

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‘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 Moves its Corporate Offices to Abilene, Texas

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‘Move consolidates CEGX corporate and operations offices in Texas’

DUBLIN, OH June 10, 2015 – Cardinal Energy Group, Inc. (OTCQB: CEGX) (“Company”) is pleased to announce that the Company is closing its Dublin, Ohio executive offices and moving them to Texas. The new corporate offices will be located in The Enterprise Tower at 500 Chestnut Street, Suite 1615 Abilene, Texas (see http://wikimapia.org/5390709/The-Enterprise-Building). Abilene is located 175 miles west and south of Dallas-Fort Worth.

“The move is taking place during the course of this week”, remarks Timothy Crawford, CEO of Cardinal. “Our Albany, Texas regional field office continues to serve as the operations base for our fields in north-central Texas. We decided that since we have sold all of our California and Ohio oil and gas assets that our administration should be based in Abilene to facilitate improved communications and further buttress CEGX’s focus on oil and gas development opportunities in Texas.

Abilene is an historic oil town with a well-established oil culture and mature infrastructure. Also, there is a substantial selection of seasoned oil and gas executive candidates for our workforce as we continue to grow our operations in Texas. We are considering many opportunities in Texas that are becoming available to us due to the industry downturn. It will be much simpler to take advantage of these opportunities from our new Abilene headquarters.”

By | 2017-04-13T22:33:28+00:00 June 10th, 2015|Investor Relations, News|0 Comments

Cardinal Energy Group, Inc. (CEGX) Announces John Jordan

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‘Mr. Jordan rejoins CEGX as its Chief Financial Officer’

Dublin OH, May 27, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that John Jordan has rejoined CEGX management as Chief Financial Officer. Gary Peterson will move to the Controller position.

Mr. Jordan has over 40 years’ experience as an accounting and financial services professional with an extensive background in the oil and gas and geothermal energy industries in the United States and overseas. He has held a wide variety of leadership positions in private industry, community, volunteer and service organizations. Mr. Jordan spent over 36 years with Unocal Corporation and its successor Chevron Corporation in various assignments within the Comptroller’s Department. He served as Manager, Transition Accounting, where he managed the accounting function at former Unocal corporate headquarters from date of acquisition through final integration with Chevron’s accounting and internal control systems. Mr. Jordan also served as Manager, Corporate Reporting, where he oversaw the preparation of SEC filing and registration statements, and reviewed and issued annual and quarterly reports and press releases. He holds a Bachelor of Science in Accounting and Business Management and a Masters of Business Administration, both from Pepperdine University.

Timothy Crawford, CEO of Cardinal Energy stated, “We welcome Mr. Jordan back. His extensive oil and gas experience adds to the strength of our accounting team. John did a superb job for us as our CFO, before he went into retirement to pursue his community service work with Disabled Veterans. We convinced him to come back to help us with our corporate filings and oversight of all CEGX’s financial matters as we continue our growth in Texas.”

By | 2015-05-27T15:48:04+00:00 May 27th, 2015|Investor Relations, News|0 Comments