SOURCE: Cardinal Energy Group, Inc.

Cardinal Energy Group, Inc.

July 23, 2015 08:12 ET

Cardinal Energy Group, Inc.: Bradford A & B Report

Oil Production Increases Approximately 40%

ABILENE, TX--(Marketwired - Jul 23, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company") (OTCQB: CEGX) reports on the progress at the Bradford A & B leases as the operator for Keystone Energy.

The following is a summarized "field report" from CEGX of Texas' Albany operations office for the week ending July 18:

  • B # 4 - Completed second injector well and put it on-line thereby doubling injection volumes.
  • B #10 - Completed well and put into production.
  • A #4 - Added perforations to well and treated the existing zone. Also perforated and treated two additional zones doubling the water volume from the well.
  • A #5 - Installed new well pump.
  • A #3 - Installed new well pump.
  • A #1 - Installed new well pump.
  • B #1 - Installed new well pump, perforated and treated additional interval of sand.
  • A #14 - Drilled the well. It will be completed week of July 25th.
  • BW #1 - Bradford West - Completed the initial well, perforated and treated it. Ran rods and tubing. Set pump jack. Electric and tanks are to be installed.

Timothy Crawford, CEO of Cardinal, comments, "Our recent drilling, completion and re-work activities on the Bradford A & B leases have been successful. As a result of our repairs we are seeing a 30% to 50% initial increase in oil production. We have doubled our source water volume and injection capability for the water flood. We anticipate as the increased water flood takes effect over the next several months that production will continue to increase significantly. The A #14 well needs to be perforated in the Hope Sand so we can use it as an additional water source to further increase water flood volumes. We have done general maintenance and repairs to our Bradford A & B lease, fixing the roads and meters due to recent weather damage and changing out down-hole pumps to more efficiently handle increased fluid production volumes. We also drilled our first well, the BW #1, on the Bradford West lease. We are now assessing various development options based on our findings from the new well."

More information on CEGX is available at www.cegx.us.

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 high emphasis on known formations with significant proven reserves remaining that can be produced economically. The company's properties and development efforts are located primarily in the continental United States. 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.

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