Cardinal Energy Announces Drilling Has Commenced on Bradford West Lease
Drilling Commences on First Well: 20 New Wells to Be Drilled on the Lease
(firmenpresse) - DUBLIN, OH -- (Marketwired) -- 04/01/15 -- Cardinal Energy Group, Inc. (OTCQB: CEGX) announces that it has secured its first drilling permit for its recently acquired 200 acre Bradford West Lease, which is adjacent and to the West of its Bradford A and B Leases. The first well of a twenty well program, the Bradford BW-1 well was drilled on March 16, 2015. Upon completion of the tank batteries and minor infrastructure requirements the Bradford BW-1 will be completed.
Timothy Crawford, CEO of Cardinal, stated, "We are very pleased to announce this major step forward as the logging report indicates this to be a strong producing well with a good show of oil in the Frye formation. We are following the channel trend guided by the data we receive from drilling each new shallow well. We will institute a water flood plan on the Bradford West Lease, which should significantly increase production moving forward and mitigate the decline curve inherent to any well. The Bradford West is a shallow oil play that meets our goal of profitability by maintaining our finding and lifting cost below $15 per barrel."
The Frye Sandstone is at 492'' to 506''. The zone had an excellent gas kick and oil cut, free oil was washing out of the sand during initial recovery from the ditch collection point and later upon lab examination. The sandstone was described as light brown to brown color with a fine to medium grained texture and friable on the crush test. With an average porosity of 19% the Frye sandstone would calculate to contain over 8,000 barrels of oil from a water drive sandstone reservoir.
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.
Cardinal Energy Group, Inc. is an environmentally responsible energy company principally engaged in the acquisition, exploration, development and production of crude oil. Cardinal''s strategy is to increase reserves and production through the exploration and 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 exploration efforts are located primarily in the continental United States. More information on Cardinal Energy Group, Inc. is available at
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Datum: 01.04.2015 - 05:31 Uhr
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News-ID 1348363
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