SOURCE: Cardinal Energy Group, Inc.
DUBLIN OH--(Marketwired - May 13, 2014) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company") (OTCQB: CEGX) announced that it has hired Edward Mitchell former Vice President and Corporate Controller for Bob Evans Restaurants as Cardinal's Vice President and Controller. At Bob Evans he was Controller of 560 full-service Restaurants located in 19 states and Controller of BEF Foods that produces and distributes a variety of refrigerated and frozen convenience food items through retail and food service channels in all 50 states.
Mr. Mitchell is a Certified Public Accountant executive with over 20 years of extensive vice president and director level managerial and supervisory experience including 15 years with Deloite & Touche. He is a successful team leader with excellent communication skills and a collaborative style. He is able to work with multiple professional disciplines to facilitate action and the achievement of goals. Mr. Mitchell is a proven accomplished team member with strong leadership qualities and even stronger analytical abilities. He has a keen sense of assimilating technical accounting information and translating it into practical solutions for implementation. Over his career he focused on problem solving and generating results. He is experienced in business analysis, particularly as it concerns mergers and acquisitions and international transactions. Mr. Mitchell has been consistently recognized for outstanding performance both individually as a leader and as a team member. He has expertise in U.S. GAAP accounting and knowledge of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Mr. Mitchell's experience also includes the position of Director of Corporate Accounting and financial reporting for Greif Inc., a company founded in 1877 that trades on the NYSE. His duties included leading the Corporate Controller's Department financial component with primary responsibility for the monthly closing of the books and internal and external reporting. He supervised the Financial Reporting, Financial Systems, and Planning and Budgeting team managers and supporting accountants and analysts. He was also responsible for the monthly closing of the consolidated books and the filing of reports with the SEC and other external parties as well as internal reporting. Greif Inc. is a world leader in industrial packaging products and services with over 200 operating locations in more than 48 countries.
Timothy Crawford, CEO of Cardinal Energy, comments, "We are thrilled to have Ed join our management team. Strict accounting and cash management lie at the heart of any company's strategy for success. It is the foundation on which a company grows. With Ed now at the helm as Controller we have solidified our financial accounting base to stringently manage our finances as we grow. Ed will refine our systems and daily cash flow reporting so we can make informed decisions on all of our operational expenditures".
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.
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 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. We select prospects that offer a strong up-side for production. The upside we seek in a prospect is twofold -- 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. 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.