SOURCE: Cardinal Energy Group, Inc.

October 16, 2014 09:20 ET

Cardinal Energy Group: Bradford Drilling Program Report

'3 Newly Drilled Wells Completed and Are Producing Oil'

DUBLIN, OH--(Marketwired - Oct 16, 2014) - Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to report that its Bradford Drilling Program is executing as planned. We have drilled 6 wells to date with 3 wells currently on-line. The Tannehill Sandstone is producing oil according to the anticipated results predicted from the engineering and geological evaluations. Other zones have also shown promise with shows of oil and gas during the logging process including the Hope Lime and Frye Sandstone. Primary production from the Bradford lease has increased to 35 BOPD resulting from the 3 newly drilled and completed wells; the 3 new wells are currently producing 25 BOPD.

Timothy Crawford, CEO of Cardinal, explains, "The increase in production from the 3 newly completed wells, the Bradford 6A, 5B, and the 5A are producing nicely. The 3 new wells increased production on the lease by 25 BOPD with an approximate average of 8.33 BOPD per well. We have just finished drilling the fifth well, the Bradford 7A, which will be completed tomorrow. We also finished drilling the 5B and we are logging and running casing on it. As for the Bradford B4B, we are waiting on the injection permit to begin our water flood program, which is anticipated to increase the prospect's overall production from each well."

More information on Cardinal Energy Group, Inc. is available at www.cegx.us.

About the Tannehill: Abstract -- The Tannehill Sandstone of Northwest Texas: Depositional Environments and Hydrocarbon Migration from the Basin to the Shelf -- by NORMAN, GREGG A., Gunn Oil Company, Wichita Falls, Texas *

The Tannehill Sandstone was deposited by westward pro-grading fluvial, deltaic and submarine fan processes across the Eastern Shelf and into the Northeastern Midland Basin of Texas. These Middle Wolfcampian aged reservoirs comprise one of the longest oil producing trends in the region, extending over 100 miles across Northwest Texas. The majority of oil production to date has been found within fluvial and shelf delta distributary complexes. The reservoirs on the shelf are found at relatively shallow depths without any significant associated hydrocarbon source rocks. The basinal depositional systems, composed of shelf edge delta, slope and submarine fan complexes, represent low stand pro-gradation beyond the pre-existing shelf edges. These basinal facies downlap onto regionally extensive marine condensed sections and older carbonate banks that provide the hydrocarbon source for the Tannehill Sand. A very tortuous, yet continuous aquifer links basinal clastic systems to those on the shelf and has provided a conduit for long range hydrocarbon migration.

The application of sequence stratigraphy and crude oil geochemistry has significantly aided the understanding of this complex depositional system. These concepts have led to the development of new exploration objectives and proper time-stratigraphic identification of several existing oil and gas reservoirs in the basin province. This study focuses on the western half of the productive Tannehill trend, in a region of very active exploration and development.

*SOURCE: AAPG Search and Discovery Article #90936©1998 AAPG Southwest Section Meeting, Wichita Falls, Texas

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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