SOURCE: Cardinal Energy Group, Inc.
DUBLIN, OH--(Marketwired - Oct 18, 2013) - Cardinal Energy Group, Inc. (OTCQB: CEGX) CEO reports on the Company's first year progress since becoming publicly traded in October of 2012.
"I am pleased to report our first year progress since becoming a public company," remarks Timothy Crawford, CEO of Cardinal Energy. "We assembled a top-notch management team and consultancy base before initiating any type of capital raise. We went after the best we could find to manage Cardinal."
Cardinal Energy established their new headquarters in Dublin, Ohio, at the beginning of this year where they have set up their accounting, communication and IP systems.
"We elected our initial board members and executives to handle our transition into the public market," Crawford said. "During the remainder of 2012 we completed a reverse stock split, changed the CUSIP and SIC Code, finalized a name change and continued to meet all the required public company regulations."
During the last half of the first quarter of 2013 and into the second quarter of 2013 Cardinal Energy began their acquisition efforts by raising approximately $500,000 for acquisitions and operating expenses. Cardinal Energy common stock was approved to be DTC and DWAC eligible during the same period, allowing for a broader shareholder base.
Prior to becoming a public company Cardinal Energy owned 13 oil and gas wells in the Appalachian Basin and 2 deep gas wells on their 657 acre lease in Colusa County, California.
"Our acquisition efforts are yielding good results," remarked Crawford. "Since becoming a public Company we acquired 2,200 acres with strong oil and gas reserves in Wayne County, Ohio and then acquired a 618 acre field with 41 oil wells in Shackelford County, Texas. We signed a definitive Purchase Sale Agreement in the middle of the third quarter of 2013 to acquire the assets of Kansas Petroleum Resources, LLC which is comprised of 15,000 acres with 23 producing oil wells located in Kansas."
Among the other veteran professionals we brought onto our team since going public, Cardinal Energy hired David Rippy, who was previously a production work-over specialist for the last 35 years working with Halliburton and ARCO.
Crawford said Rippy will transition into the role of Chief Operating Officer and will oversee all field development and operations. "He is directly overseeing our Shackelford County, Texas field and has high expectations of increasing its existing production considerably," he said.
Crawford also states that the company has doubled their shareholder base and has steadily increased the volume in the stock.
"We will continue to maximize both ethically and responsibly the total returns to the owners of the Company -- our Shareholders," stated Crawford.
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.