|By Marketwired .||
|June 12, 2014 01:00 PM EDT||
DUBLIN, OH -- (Marketwired) -- 06/12/14 -- Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company") (OTCQB: CEGX) announces that the Company has purchased property at 524 East Highway 180, Albany, Texas. The new field office is situated on a half-acre site with offices, shop and a secure yard. The property was purchased by Cardinal Energy's wholly owned subsidiary CEGX of Texas, LLC - Operator Number 140712.
"We will use this new location as our local field office to base our operations for the 78 wells we are reworking in Shackelford and Eastland Counties. We are continuing to aggressively ramp-up our operations in Central Texas," comments Timothy Crawford, CEO of Cardinal Energy. "This location will allow us to store, refurbish, secure, and recycle the oilfield equipment, which is now located over several thousand acres on our leases. It also provides the Company a place to administrate and closely supervise our operations and expenditures as related to our leases in Shackelford and Eastland counties. The property consists of a front office with an adjoining work shop along with several covered parking structures for our vehicles. We will bring equipment to this location from the field in order to refurbish or recycle. Our new operations office and yard gives us the local presence we need to continue developing our leases and expanding our business in Central Texas. We currently have one field supervisor and two interns from the University of Kentucky working from this location."
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 increase the rate of oil and gas production results for our oil and gas operations and returns to our shareholders.
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 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. We select prospects that offer a strong up-side for production. The upside we seek in a prospect is twofold -- 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. 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.cegx.us.
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