Cardinal Energy Group, Inc.: Bradford Lease Drilling Report
4 New Wells Drilled, 3 More Slated to Be Drilled Over the Next Couple of Weeks
(firmenpresse) - DUBLIN, OH -- (Marketwired) -- 12/19/14 -- Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that since drilling resumed December 1st on the Bradford Lease 4 new wells have been drilled, the B #13, B #10 and the B #8. The next locations, the B #17, B #14, and A #14 are permitted and will be drilled over the next two to three weeks to complete the drilling portion of the Bradford Drilling Program, which consists of 7 existing wells and 14 new development wells. The wells are located in Shackelford County, Texas within a couple of miles from Cardinal''s Albany, Texas field operations facility.
Timothy Crawford, CEO of Cardinal remarks, "We had five wells left to drill and complete in order to finish the current Bradford Drilling Program. We are drilling our third new well, the B #8 and have finished drilling and logging the B #10. The geological report for the B #10 estimates oil reserves of 6,339 barrels in the Frye formation and 12,521 barrels in the Tannehill formation. We added an additional well to the program after we determined that the B #13 was not commercially viable to complete based on the logging report; we added the A #14 well to replace the B #10."
Mr. Crawford goes on to say, "After the B #8 is drilled and completed we will have the B #17, B #14 and the A #14, which will complete the drilling aspect of the program. Overall with the 8 wells we have drilled and completed, the primary production is approximately 30 BOPD. As we bring all of the new wells on-line we anticipate approximately 75 BOPD primary production just from the Bradford Lease. Production will further increase as the water-flood begins to affect the formation, as this is an important component to the Bradford Lease''s production potential. With lower oil prices we will continue to focus on drilling and completing shallow oil wells in the Central Texas area as the cost to drill and complete these wells is extremely cost efficient even with at oil prices below $50 per barrel."
More information on Cardinal Energy Group, Inc. is available at .
Abstract by Geologist James E. Russell regarding water-flood results in the Tannehill Sandstone: Waterflooding the Tannehill sandstone underlying the Newell Lease in Shackelford County, Texas, can be considered a success. Pilot operations were commenced in May, 1952 by the Tannehill Petroleum Company. Performance of the Pilot Flood was encouraging and a decision to proceed with full-scale development was made early in 1954. By the end of 1956 the project had been extended to cover 393 acres and presently includes productive acreage on the Newell, Moberly and Jeter Leases. Production was increased as a result of water injection from 20 barrels per day to a peak rate of 498 barrels per day or 25 times the rate under primary operations.
Oil recovery as a result of water injection has amounted to 286,446 barrels as of December 31, 1956. Engineering estimates indicate a recovery of approximately 800,000 barrels as a direct result of water flooding the area presently developed. This recovery is in addition to that obtained through primary production methods.
Cardinal Energy Group, Inc. is a U.S. producer of oil and natural gas within the United States. The Company is headquartered in Dublin, Ohio and has its regional operations office located in Albany, Texas. We are an environmentally responsible oil and gas Company. 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 threefold -- 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, or it must be an overlooked or distressed prospect in the explosive shale formations like the Permian Basin or Eagleford shale. 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 .
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 oil and gas production rates, and the expected demand, pricing and operating results for our oil and gas operations.
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Datum: 19.12.2014 - 06:41 Uhr
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News-ID 1326545
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