DUBLIN OH, United States, via ETELIGIS INC., 10/29/2014 – – Cardinal Energy Group, Inc. (OTCQB: CEGX), is pleased to announce that 2 new wells have been drilled, logged, cased and cemented over the last two weeks on the Fortune Leases since the first CW Hendrick B #1 well was re-entered in early October of this year. All 3 wells are scheduled to be completed over the next two weeks. One well was drilled to the Caddo Limestone and the other 2 wells were drilled to the Cook Sandstone. Cardinal is participating with a 50% working interest in these wells.
The Hendrick Ranch ‘S’ #2 and #3 wells were drilled to a total depth of 1,850 feet. Several geological formations were encountered during the course of drilling to the Cook Sandstone. The Cook Sandstone had good oil shows while being drilled and logs indicate that there is 8 feet of oil on top of the formation that looks very productive in both wells. The Cook Sandstone also exhibited excellent reservoir characteristics in both wells.
Timothy Crawford, CEO of Cardinal comments, “We have drilled two new wells since we re-entered the CW Hendrick ‘B’ #1 well in the beginning of October. They are the Hendrick Ranch ‘S’ #2 and the Hendrick Ranch ‘S’ #3. The re-entry on the CW Hendrick ‘B’ #1 was drilled to the Caddo Lime and the other 2 wells were drilled to the Cook Sandstone. We will be completing the three wells over the next two weeks to begin our initial production. The Caddo and Cook zones that we will be perforating have excellent oil shows. We are looking forward to the completions and initial production results over the next several weeks.”
About the Caddo Formation
The Marble Falls, Caddo, and the Mississippi Lime formations are shallow and found in numerous counties within the Fort Worth Basin, and are in the same geographic area as the prolific Barnett Shale play in North Texas. The vast majority of wells drilled to date have been vertical completions, typically providing high initial production, with lower drilling and completion costs. Shorter horizontal legs are showing great promise to date. Because of the limestone’s porosity and natural fractures, drill and completion costs can be 35-50% of the typical unconventional well costs compared to other currently active plays in Texas, New Mexico and Oklahoma.
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 are 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 the explosive shale formations like the Permian Basin or Eagleford shale. 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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SOURCE: Cardinal Energy Group, Inc.