Cardinal Energy Begins Reworking Its Conway Dawson Lease Acreage
Appalachian Based Oil & Gas Producer Begins Operations in the Lone Star State
(firmenpresse) - DUBLIN, OH -- (Marketwired) -- 08/14/13 -- (OTCQB: CEGX) Cardinal Energy Group, Inc. completed its acquisition of 618 acres and 41 oil wells on July 3, 2013 from HLA Interests, LLC., and officially began operations in Shackelford County, Texas on Monday August 12, 2013. Cardinal subsequently retained the current operator, Piper Oil & Gas, to remediate the existing wells. The acquired lease acreage is called the Conway-Dawson Lease, which is located approximately 2 1/2 hours northeast of Dallas. Cardinal has an 85% working interest in the field.
Timothy Crawford, CEO of Cardinal, remarks, "We are excited about Cardinal's operation kickoff in the Lone Star State. The Conway-Dawson lease assignments are officially transferred to Cardinal. The rework schedule and operating agreement with Piper Oil & Gas is completed. We are now in operation in Texas. Based on the rework schedule the first 11 wells are being remediated over the next 14 days. They are anticipated to produce approximately 30 barrels of oil per day combined. The remaining 30 wells are being remediated over the following several months with completion of all 41 wells by the first week of December. We anticipate Cardinals revenue to increase significantly from this acquisition over the next several months."
The remediated 41 wells are anticipated to produce 75 to 80 barrels of oil per day combined. Cardinal determines how many development wells will be drilled and completed on the additional lease acreage based on the results of 41 existing wells' remediation.
Shackelford County is known for its prolific and famous Cook Ranch oil field. The Cook Ranch Field produces from a very permeable lens of Cook Sand of lower Permian or upper Pennsylvanian age, occurring at an average depth of 1,300 ft. The field was discovered in 1926 and has been operated with low pressure gas injection since July 1927, one of the first such projects in Texas. Oil recovery to the present has been in excess of 14,701,131 barrels of crude oil with an average of 1,013 barrels per acre-foot. The high permeability and uniformity of the reservoir were extremely favorable for this type of operation.
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 .
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward looking statements to reflect events or circumstances that arise after the date thereof.
Cardinal Energy Group, Inc.
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Office: 614.459.4959
Fax: 614.451.0708
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Datum: 14.08.2013 - 07:00 Uhr
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News-ID 1254609
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