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Cardinal Energy Group, Inc. (CEGX) Reports Incorrect Information


‘Yahoo Financial Portal includes wrong information on CEGX’

Dublin OH, May 19, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX) reports that the Yahoo Financial Portal is posting incorrect information. The portal is posting information for Cardinal Energy, Ltd. of Calgary Alberta Canada. Cardinal Energy LTD has no association whatsoever with Cardinal Energy Group, Inc. with offices in Dublin Ohio and Abilene Texas.

“We have worked very hard to build Cardinal into a respectable independent oil producer,” remarks Timothy Crawford, Chairman and Chief Executive Officer of CEGX. He goes on to say, “You can imagine our surprise to see the wrong company’s information linked to our company’s headline on a major financial portal like Yahoo Finance. We are working diligently to correct this misinformation and any confusion between our companies. The wrong posting by Yahoo has caused us considerable harm in relation to our investment community that relies on the accuracy of public company information posted by the financial sites. Please be aware of this situation when making your assessment of CEGX for inclusion in your investment portfolio. We are Cardinal Energy Group, Inc. trading under the symbol CEGX on the OTC:QB. Please excuse this issue, as we have no power over it, yet we are reaching out to Yahoo to fix the problem.”

By | 2017-04-13T22:33:28+00:00 May 19th, 2015|Investor Relations, Media, News|0 Comments

Cardinal Energy Group (CEGX) Engages JP Fortune Group


‘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

Cardinal Energy Group, Inc. Announces 4th Quarter and Full Year Results


‘Fourth Quarter Operating Revenues increase sharply from the Fourth Quarter of 2013’

Dublin OH, April 13, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX), an independent oil and gas exploration and production company with its primary assets in Shakelford County, Texas, reported financial results for the Fourth Quarter ended December 31, 2014. Cardinal’s fourth quarter operating revenues in 2014 totaled $768,263 compared to $3,919 for the comparable period in 2013. The current period amount reflects increased crude oil sales volumes from its north-central Texas oil and gas leases and contract development revenues for services provided to the Bradford JV partnership. Cardinal’s Net Comprehensive Loss was $2,445,928 or $.07 per share for the year ended December 31, 2014 compared to $2,091,117 or $.06 per share in 2013. Total operating revenues in 2014 surged to $1,865,626 from $16,657 in 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) for the year ended December 31, 2014 was a loss of $1,324,130 compared to a loss of $1,543,819 in 2013. EBITDA for the third and fourth quarters of 2014 was $194,138 compared to a loss of $829,041 for the comparable period of 2013. The improvement during the second half of 2014 reflects the increased sales volumes of crude oil from the Company’s recently acquired and developed Texas oil and gas properties plus contract development revenues from services provided to Bradford JV.

The Company continues its expansion into providing contract development services along with the exploration and development of its own prospects. Cardinal has also adjusted its operations to capitalize on changing and uncertain oil prices. Cardinal’s operating assets were adjusted through the sale of its Ohio and California oil and gas properties to a former officer of the Company. […]

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

Cardinal Energy Announces Drilling Has Commenced on Bradford West Lease


‘Drilling commences on first well: 20 new wells to be drilled on the lease’

Dublin OH, April 1, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that it has secured its first drilling permit for its recently acquired 200 acre Bradford West Lease, which is adjacent and to the West of its Bradford A and B Leases. The first well of a twenty well program, the Bradford BW-1 well was drilled on March 16, 2015. Upon completion of the tank batteries and minor infrastructure requirements the Bradford BW-1 will be completed.

Timothy Crawford. CEO of Cardinal, stated “We are very pleased to announce this major step forward as the logging report indicates this to be a strong producing well with a good show of oil in the Frye formation. We are following the channel trend guided by the data we receive from drilling each new shallow well. We will institute a water flood plan on the Bradford West Lease, which should significantly increase production moving forward and mitigate the decline curve inherent to any well.” Crawford concluded, “The Bradford West is a shallow oil play that meets our goal of profitability by maintaining our finding and lifting cost below $15 per barrel.”

The Frye Sandstone is at 492’ to 506’. The zone had an excellent gas kick and oil cut, free oil was washing out of the sand during initial recovery from the ditch collection point and later upon lab examination. The sandstone was described as light brown to brown color with a fine to medium grained texture and friable on the crush test. With an average porosity of 19% the Frye sandstone would […]

By | 2017-04-13T22:33:28+00:00 April 1st, 2015|Investor Relations, News, Oil and Gas Programs|0 Comments

Cardinal Energy Executes $2.5M Credit Line Term Sheet


‘Funds are earmarked for acquisitions and new drilling on Leases’

Dublin OH, March 17, 2015 — Cardinal Energy Group, Inc. (OTCQB: CEGX) has executed a term sheet for a $2,500,000 revolving credit line from a prominent New York based Private Equity Firm and expects to close and draw down on the facility within 30 days. The credit facility has been earmarked to drill and complete wells on the Bradford A & B Leases and the Bradford West Lease.

“This credit facility will be used to drill and complete the last 4 of 21 wells on our Bradford A & B Leases, of which Cardinal will own 47% the Leases. We will also use the credit facility to drill and complete 20 new wells on our recently acquired Bradford West Lease that is adjacent and to the West of our Bradford A & B Leases,” Timothy Crawford, CEO of Cardinal comments. “We have been able to keep our finding and lifting costs below $15 per barrel drilling and completing these shallow oil wells making them very profitable with lower oil prices. We also have the ability to use the credit facility to purchase additional acreage for new drilling prospects. We are pleased with the terms and conditions of this credit facility as it positions us to take advantage of the distressed assets that are coming onto the market at deep discounts from companies with weak or weakened balance sheets due to the downturn.”

By | 2017-04-13T22:33:28+00:00 March 17th, 2015|Investor Relations, News, Oil and Gas Programs|0 Comments