SOURCE: Cardinal Energy Group, Inc.
DUBLIN OH--(Marketwired - Oct 31, 2013) - (OTCQB: CEGX) Cardinal Energy Group, Inc. announces the status of its monthly production for its Holmes County Ohio, Colusa County California and Shackelford County Texas Assets.
Timothy Crawford comments, "We are currently producing natural gas in Colusa County, California on our 654 acre lease with 2 deep gas wells. We are also producing oil in Holmes, Knox and Licking County, Ohio and on our 618 acre lease in Shackelford County, Texas. Our Shackelford County asset shows the most upside promise for significantly increased production. We are in the midst of reworking these Shackelford County wells. The roads are being repaired to accommodate the drilling rig for the rework of our 41 wells; 3 wells are already producing oil without any rework. We have addressed nearly all of the regulatory issues required by the Texas Railroad Commission (RRC) over the last several months, which is required annually for shut-in wells. The injector wells will be reworked over the next 10 days which will complete all the regulatory requirements which will allow us to sell the 100 plus barrels of oil we presently hold in our tank batteries. Dave Rippy, our new COO, along with our consulting geologist are confident that we can bring the Shackelford County field back into robust production by the end of the year. He anticipates that the field, once fully reworked, will yield from up to 400 barrels of oil per day."
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.