Cardinal Energy Group Enters Into a Binding Letter of Intent With Mojave Gold Corporation
'Cardinal to Invest in the Discovery and Development of Platinum With Mojave for Our Energy Future'
DUBLIN, OH--(Marketwired - Nov 11, 2013) - (OTCQB: CEGX) Cardinal Energy Group, Inc. is pleased to announce that it has entered into a binding letter of intent to acquire up to 35% of Mojave Gold Corporation. Mojave is engaged in the businesses of platinum exploration and development in Guyana, South America.
"Platinum is one of the most important precious metals. It is an essential element for the development of the 21st century energy market. Not only is Platinum a key component in the production of high octane gasoline and jet fuels, it is also an essential element in the manufacturing of fuel cells and battery energy storage for the emerging electric automotive market. The demand for electric vehicles is increasing rapidly, which has driven platinum to surpass the price of gold," stated Cardinal's CEO Timothy Crawford. "Cardinal is taking advantage of this fantastic opportunity by investing into Mojave. We are excited about being a part of the discovery and development of new sources of platinum because it is going to be ever so needed in the near future. We are making this investment into this increasingly important and lucrative industry sector to expand Cardinal's participation within the modern energy industry."
Mojave has identified 3 targets for drilling, all of which have potential to be world class discoveries. Mojave intends to utilize the capital received from this investment by Cardinal to further the exploration of its projects and complete an initial drill program. More about Mojave Gold Corp. may be found at www.MojaveGoldCorp.com
About Cardinal Energy Group, Inc.
Cardinal Energy Group, Inc. is an American company that produces American oil and natural gas. The Company is based in Dublin, Ohio. Cardinal focuses on known formations that have significant proven reserves remaining that can be produced economically. Cardinal targets fields with wells that may need remediation due to neglect or undercapitalization. The prospect must offer a strong up-side for production. The upside we seek in a prospect is twofold -- it must have the potential be restarted or have its current production increased using newer technology and remediation methods; it must also have additional lease acreage which can be further developed by completing development wells adjacent to existing producing wells. Cardinal exploits these undervalued assets by acquiring a majority working interest in the prospect and then applies the Company's calculated development plan. Cardinal also seeks acquisitions of over-leveraged companies when there is a clear upside from their purchase based on strong commodity prices. The Company operates throughout the Continental United States. More information on Cardinal Energy Group, Inc. is available at www.cardinalenergygroup.com.
Forward Looking Statements
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Cardinal Energy Group, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our ability to obtain financing and close on the acquisition of the oil and gas leases and property, our beliefs concerning our ability to increase the rate of oil and gas production, and the expected demand, pricing and operating results for our oil and gas operations.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Prospectus dated August 12, 2013.