|By Marketwired .||
|August 25, 2014 08:35 AM EDT||
DUBLIN, OH -- (Marketwired) -- 08/25/14 -- Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that the first oil well on its Bradford leases has been drilled and cased. The drilling confirmed three pay zones with good shows of oil. They are the Frye, the Tannehill and the Hope zones. This is the first well of a 14 well program that incorporates Cardinal's plan to implement their previously announced waterflood project on the Bradford "A" and Bradford "B" leases.
Timothy Crawford, CEO of Cardinal, remarks, "We are excited about the drilling results with this first well as it has exceeded our initial expectations. We have discovered three pay zones during the course of drilling. We had good oil shows in the Frye, the Tannehill and the Hope sands. I am proud to say that although this is our first drilling program in this area, the execution on the first well was great: the well was drilled on time and on budget. We spudded the well on Monday and finished drilling and casing it on Wednesday."
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 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.
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. 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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