ABILENE, TX--(Marketwired - Apr 12, 2017) - Cardinal Energy Group, Inc ("Cardinal Energy" or "the Company") (OTCQB: CEGX) announces the engagement of Capital City Securities, LLC based in Columbus, Ohio to be one of the placement agents for our $4,600,000 Series D Preferred Stock Offering. The Company filed with the Nevada Secretary of State on March 30, 2017 an amendment to the Certificate of Designation for the Company's Series A Preferred Stock and filed three additional Certificates of Designations to designate the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock. (Refer to SEC Form 8-K filed on March 31, 2017 for a complete description of each designation)
The Company authorized 1,000,000 shares of Series B Preferred Stock, which will be issued to EOI Eagle Operating, Inc ("Eagle") headquartered in Frisco, Texas upon the execution of the Final Definitive Agreement between Eagle and Cardinal Energy to acquire Eagle's oil & gas leases, existing wells and equipment. The Series B Preferred stock can convert into 10% of the issued and outstanding common stock of the Company. (Refer to SEC Form 8-K filed on March 31, 2017 for a complete description of the designation)
The Company authorized 4,600,000 shares of Series D Preferred Stock with a stated value of $1.00 per share. The Series D Preferred Stock will pay a 5% annualized dividend, can convert into 55% of the issued and outstanding common stock of the Company and will be issued together with an aggregate 5% ORRI (Overriding Royalty Interest) on the assets (leases with 60 existing wells and new wells) acquired with the Net Proceeds from the sale of the 4,600,000 shares of Series D Preferred Stock. (Refer to SEC Form 8-K filed on March 31, 2017 for a complete description of the designation)
Timothy W. Crawford, CEO of Cardinal Energy stated, "We are pleased to announce the engagement of Capital City Securities, LLC based in Columbus, Ohio to be one of the placement agents for our $4,600,000 Series D Preferred Stock Offering. The capital from this offering will allow us to retire any remaining Convertible Notes, acquire EOI Eagle Operating assets and further develop existing oil and gas properties and new oil and gas leases we plan to acquire. In total, we anticipate drilling and completing at least 24 additional development wells during the remainder of 2017".
Todd E. Crawford, CEO of Capital City Securities, LLC commented, "We are excited to be one of the placement agents for this uniquely structured opportunity for qualified investors".
The Company is directing all inquiries regarding the Series D Preferred Stock Offering directly to Capital City Securities, LLC located at 1335 Dublin Road, Suite 122D, Columbus, Ohio 43220. Contact Todd Crawford at 614-485-3108 / email@example.com. More information on Capital City Securities, LLC is available at www.capitalcitypartners.com
About Cardinal Energy Group, Inc.
Cardinal Energy Group, Inc. is an environmentally responsible energy company principally engaged in the acquisition, development and production of crude oil. Cardinal's strategy is to increase reserves and production through the exploitation of oil and natural gas properties with a high emphasis on known formations with significant proven reserves remaining that can be produced economically. The company's properties and development efforts are focused in Central Texas. 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 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.