DUBLIN, OH--(Marketwired - Sep 11, 2014) - Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that the first well drilled on its Bradford lease, the 'A'#5A has been completed and has just been put on production. A stable production rate is expected in the next couple of weeks. The 310 acre Bradford prospect has 7 existing wells that anchor Cardinals new 14 well drilling program.
"The 'A'#5A is the first completed well of our 14 well drilling program on the Bradford leases. We have perforated and acidized the Tannehill zone, ran tubing and rods down hole, set the pumping unit, laid the flow line and hooked up the electric lines and started pumping the well, " remarks Timothy Crawford, CEO of Cardinal, "We also have drilled two new producing wells that need to be perforated and completed, the 'A'#6A and the 'B'#6B. The completion process is currently in progress. To support the designed waterflood, we also have spud the 'B'#4B for use as an injector. All of the new wells drilled to date confirm three pay zones with varying shows of oil in the Frye, Tannehill and Hope sands. We encountered another 6 notable geological zones during the course of drilling. Among them was the Moutray Sandstone, which had a strong gas show at 360' with a 196 unit gas kick with background gas of 15 units. We consider this a minor reserve, which we will not complete at this time." He goes on to say, "We are right on schedule with our new 14 well drilling program on the Bradford A and B leases due to the excellent execution by our field team and our subcontractors."
More information on Cardinal Energy Group, Inc. is available at www.cegx.us.
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 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.
About Cardinal Energy Group, Inc.
Cardinal Energy Group, Inc. is a U.S producer of oil and natural gas within the United States. The Company is headquartered in Dublin, Ohio and has its regional operations office located in Albany, Texas. We strive to be an environmentally responsible oil and gas Company. 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. We select prospects that offer a strong up-side for production. The upside we seek in a prospect is threefold - it must have the potential to be restarted or have its current production increased using newer technology and remediation methods and; it must also have additional lease acreage which can be further developed by completing development wells adjacent to existing producing wells, or it must be an overlooked or distressed prospect in highly prospective formations like the Permian Basin or Eagleford shale. Cardinal exploits these undervalued assets by acquiring a significant 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.cegx.us.