(Total Views: 903)
Posted On: 01/07/2017 2:58:45 AM
Post# of 273254
Cardinal Energy Group, Inc. $CEGX News
Last updated 01/07/2017 - 0.0657
Cardinal Releases 3rd Quarter Earnings Report
Dec 08, 2015
OTC Disclosure & News Service
-
Cardinal Releases 3rd Quarter Earnings Report
CEGX Continues Its Transition to Contract Drilling and Field Development Operations
ABILENE, TX--(Marketwired - Dec 8, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company"
(OTCQB: CEGX) reports that "EBITDA" (earnings before interest, taxes, depreciation and amortization) for the quarter ended September 30, 2015 was $92,390 compared to $454,330 for the quarter ended September 30, 2014. "EBITDA" for the nine months ended September 30, 2015 was a negative $93,061 compared to a negative $1,130,059 for the comparable period of 2014.
The Company reported an Operating Loss (operating revenues less operating expenses) for the third quarter of 2015 of $344,964 compared to operating income of $233,819 recorded in the third quarter of 2014. The Company's Operating Loss for the nine months ended September 30, 2015 narrowed to $716,366 from an Operating Loss of $1,305,638 for the comparable period of 2014. The current periods' results were hampered by delays in the receipt of capital required for the development of the Bradford leases, which necessitated a cessation of operations during the third quarter of 2015. Capital funding resumed in mid-September and the Company has resumed drilling and development activities on the properties. Operating results during the three month and nine month periods ended September 30, 2015 also reflect lower crude oil prices and lower production volumes due to mechanical down-hole problems and legal issues at some of our recently developed properties in north-central Texas. These negative factors were partially offset by decreases in operating and production expenses which reflect the Company's decision to shift its primary focus from the re-working of existing wells on its Texas oil and gas properties to providing contract drilling and field development services to third parties.
The three month and nine month earnings reflect not only the operating factors previously cited but also reflect higher interest related costs due to the higher level of debt outstanding partially offset by a reduction in administrative and general expenses as the Company has reduced staffing levels and has moved to lower home office and public company costs.
The following are summarized comments from Cardinal's CEO/President and Chief Operating Officer concerning the third quarter 2015 results:
"Again, we are very appreciative of our loyal shareholders and other stakeholders as we continue to transition the Company from primarily the operator of modest and older oil and gas leases to a provider of contract drilling and field development services," remarks Timothy W. Crawford, CEO of Cardinal. "Our drilling programs continue to be successful. We are also maintaining our commitment to shallow oil development in order to keep our finding and lifting costs for properties in which we retain a working interest low. We believe that this two pronged approach of selective development of shallow proven undeveloped reserves for our own account and the providing of drilling and development services to third parties will partially mitigate the impact of depressed oil and gas prices and allow us to be profitable in this down market. We are also actively pursuing, with and without the participation of others, several acquisition candidates in shallow oil plays in central Texas."
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 central Texas. 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.
Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. Awarded Partial Default Judgment in Lawsuit
Nov 25, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. Awarded Partial Default Judgment in Lawsuit
'Damages Expected to Exceed $2,000,000'
ABILENE, TX--(Marketwired - Nov 25, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company" (OTCQB: CEGX) reports that the Company has been awarded a partial default judgement on August 5, 2015 based on a lawsuit it filed in the District Court of Shackelford County, Texas, 259th Judicial District, against HLA Interests, LLC, Phillip Allen, SEDCO Operating, LLC, ERCO Holdings, Ltd, Caleb David Elks, and Michael Cies dba Terlingua Oil Associates.
Timothy W. Crawford, CEO of Cardinal, remarks, "Cardinal filed this lawsuit against the corporate defendants and the individual members in their personal capacities on June 3, 2015. The lawsuit stems from a Working Interest Purchase Agreement that Cardinal entered into on July 3, 2013 with Defendant HLA Interests (an oil and gas management company that owns and controls existing oil fields in Texas), pursuant to which Cardinal agreed to purchase from HLA Interests its 85% working interest in 5 oil and gas leases known as the Dawson-Conway Leases (the 'Leases') in Shackelford County, Texas. Cardinal was fraudulently induced to enter into the Agreement by the defendants, who knew that 3 of the 5 Leases had expired prior to executing the Agreement."
Mr. Crawford further comments, "Cardinal's out-of-pocket damages as a result of the claims asserted in this lawsuit have been calculated at $1,735,765. Adding the claims for attorneys' fees, and other damages, including punitive damages as a result of the intentional fraudulent conduct, Cardinal's damages will exceed $2,000,000. Cardinal will be awarded, at a minimum, its out-of-pocket damages of $1,735,765, with a good possibility that the Court will also award attorneys' fees and punitive damages as a result of the defendants' conduct." The Company anticipates that a hearing on damages will be heard by the Court in the near future at which time the amounts for attorneys' fees, other costs and punitive damages will be quantified.
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.
Contact:
Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. - Second Quarter Earnings Report
Aug 25, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. - Second Quarter Earnings Report
CEGX Reports Near Record Quarterly Performance
ABILENE, TX--(Marketwired - Aug 25, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company" (OTCQB: CEGX) is pleased to report its best "EBITDA" (earnings before interest, taxes, depreciation and amortization) quarter since the company was founded. EBITDA for the quarter ended June 30, 2015 was $541,491 compared to a negative $925,898 for the quarter ended June 30, 2014. Operating revenues surged to $660,444 in the current period compared to $59,920 for the comparable period in 2014. The increase in operating revenues primarily reflects increased contract development activities at the Bradford "A" and "B" leases. The increase in operating revenues occurred despite a dip in crude oil sale revenues, which reflect lower crude oil prices (realized prices averaged $48.94 BBL in the second quarter of 2015 versus $91.77 BBL in the second quarter of 2014) and lower production volumes due to mechanical and down-hole issues at some of our recently developed properties in north-central Texas.
Operating income (operating revenues less operating expenses) for the second quarter of 2015 increased to $95,792 compared to an operating loss of $936,937 recorded in the second quarter of 2014 and represents the second highest level of operating income in the Company's history. The increase in operating income not only reflects higher operating revenues but also reflects a decrease in operating expenses, which reflects the Company's decision to shift its focus from re-working of existing wells to in-field development drilling on its Texas oil and gas properties.
The Company's net comprehensive loss narrowed to $316,847 or $0.01 per share in the second quarter of 2015 compared to a net comprehensive loss of $1,193,172 or $0.03 per share for the comparable period of 2014. The improvement reflects not only the operating factors previously cited but also reflects a reduction in administrative and general costs, as the Company moved to contain home office and public company administrative costs. Higher interest related costs due to the higher level of debt outstanding partially offset these improvements. We will be announcing an earnings call in the near future.
The following are summarized comments from Cardinal's CEO/President and Chief Operating Officer concerning the second quarter 2015 results:
Timothy W. Crawford, CEO of Cardinal: "We are very pleased to announce to all of our loyal shareholders that we have had one of our best earnings quarters to date since our inception even in this downturned market. The increase is attributed the success of our drilling programs coupled with our success in keeping our lifting and finding costs down due to our shallow oil pursuit. We intend to keep the momentum by pursuing additional oil drilling programs for highly accredited investors that need tax relief against their ordinary income. In addition, we are pursuing other opportunities that have economical finding and lifting costs that are coming on to the market due to overleveraged companies shedding their core assets to meet their debt obligations. We have a couple of such opportunities currently that are in various stages of due diligence and negotiation. They will be announced to the public when they are consummated."
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.cardinalenergygroup.com or 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.
Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc.: Bradford A & B Report
Jul 23, 2015
OTC Disclosure & News Service
-
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.
Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group (CEGX) Settles Dispute With Concho Oilfield Services, LLC
Jun 30, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group (CEGX) Settles Dispute With Concho Oilfield Services, LLC
Concho to Repair Cardinal's Prolific Well on Its Dawson-Conway Lease
ABILENE, TX--(Marketwired - Jun 30, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company" is pleased to announce that the attorneys for Concho Oilfield Services, LLC and Hudson Petroleum, Ltd., Co., have asked the court to dismiss their claims against the Company with prejudice. The motions filed with the Texas District Court for Shackelford County discharges Cardinal of its obligations pursuant to the March 10, 2015 Joint Settlement Agreement. The amicable settlement of the suit requires Concho Oilfield Services to repair CEGX's No. 5B well on the Dawson-Conway 195B lease.
Timothy Crawford, CEO of the Company, comments, "This is good news on several fronts. First, the $100,000 payment cleans up our balance sheet by removing the obligation we accrued at December 31, 2014 in keeping with generally accepted accounting principles. Second, our payment and the motion filed with the court set the stage for Concho to begin the work necessary to repair the #5B well and get it producing again on our Dawson-Conway lease. That 195B #5B well was one of our best producers on the Dawson-Conway Lease, before Concho performed work on the well in February of 2014. Returning it to production is a critical first step in the Company's efforts to fully monetize this property."
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 and natural gas. 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 in Central Texas. 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.
Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. (CEGX) Secures Long Term Project Financing
Jun 22, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. (CEGX) Secures Long Term Project Financing
Funding Provided by Maximilian Global Through Its Subsidiary Keystone Energy
ABILENE, TX--(Marketwired - Jun 22, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company" is pleased to announce that it has secured long term project financing with Maximilian Global through the new company, Keystone Energy. Maximilian Global is a private equity firm based in New York and is controlled by Robert Levy. Maximilian Global formed Keystone Energy for the sole purpose of providing project financing to Cardinal through a joint venture approach. Cardinal initially owns a 5% stake in Keystone but has an option to acquire up to a 50% ownership stake in Keystone based on various oil & gas production benchmarks.
The first tranche of capital was received by the Company on Tuesday, June 16th and was earmarked to complete the development of the Bradford A & B leases. The Company contributed a 10% Working Interest in the prospect to Keystone in exchange for a 5% ownership stake in Keystone and received $250,000 in cash from Keystone for its remaining 10% Working Interest in the properties. Maximilian Global has committed a total of $2,600,000 specifically for the Bradford A & B leases through Keystone Energy.
This first project financing is part of a long term plan by the Company and Maximilian Global to provide a revolving line of credit to Cardinal, up to a maximum aggregate amount of $25,000,000, through a strategic partnership approach to capitalize on select lease acquisition and oil and gas development opportunities with the aim to diversify and grow Cardinal's reserves base.
"We look forward to a long and prosperous relationship with Robert Levy and his company Maximilian Global. We have been building towards this significant financial event since our inception and will continue the Company's focus toward growth and the creation of long-term shareholder value," stated Timothy Crawford, CEO of Cardinal Energy.
Crawford added, "The initial financing and commitment from Maximilian Global enables the Company to acquire qualified opportunities from target companies with distressed balance sheets, in addition to new lease acreage in prime locations for subsequent new drilling development. Our strategy has been carefully constructed to remain profitable during the industry price deflation by increasing our BOPD production and revenues via shallow plays utilizing conventional vertical drilling to minimize our lifting costs. The result is a watershed moment for the Company as we build upon our record Q4 revenues with ample capital to continue our growth through this fiscal year."
Robert Levy of Maximilian Global, said, "We are impressed with the management team and historical performance at Cardinal Energy and look forward to assisting the company's growth with efficient capital solutions. We further agree with Cardinal's expansion strategy formulated to take advantage of new opportunities available as a result of the decline in the price of oil. Cardinal has avoided overleveraging itself and therefore is well-positioned to grow through additional economically viable asset acquisitions."
More information on Cardinal Energy Group, Inc. 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 acquisition 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 production and development efforts are located primarily in Texas. 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.
Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Moves Its Corporate Offices to Abilene, Texas
Jun 10, 2015
OTC Disclosure & News Service
-
Cardinal Moves Its Corporate Offices to Abilene, Texas
Move Consolidates CEGX Corporate and Operations Offices in Texas
DUBLIN, OH--(Marketwired - Jun 10, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company" is pleased to announce that the Company is closing its Dublin, Ohio executive offices and moving them to Texas. The new corporate offices will be located in The Enterprise Tower at 500 Chestnut Street, Suite 1615, Abilene, Texas (see http://wikimapia.org/5390709/The-Enterprise-Building). Abilene is located 175 miles west and south of Dallas-Fort Worth.
"The move is taking place during the course of this week," remarks Timothy Crawford, CEO of Cardinal. "Our Albany, Texas regional field office continues to serve as the operations base for our fields in north-central Texas. We decided that since we have sold all of our California and Ohio oil and gas assets, our administration should be based in Abilene to facilitate improved communications and further buttress CEGX's focus on oil and gas development opportunities in Texas. Abilene is an historic oil town with a well-established oil culture and mature infrastructure. Also, there is a substantial selection of seasoned oil and gas executive candidates for our workforce as we continue to grow our operations in Texas. We are considering many opportunities in Texas that are becoming available to us due to the industry downturn. It will be much simpler to take advantage of these opportunities from our new Abilene headquarters."
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.
Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. (CEGX) Announces John Jordan
May 27, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. (CEGX) Announces John Jordan
Mr. Jordan Rejoins CEGX as Its Chief Financial Officer
DUBLIN, OH--(Marketwired - May 27, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that John Jordan has rejoined CEGX management as Chief Financial Officer. Gary Peterson will move to the Controller position.
Mr. Jordan has over 40 years' experience as an accounting and financial services professional with an extensive background in the oil and gas and geothermal energy industries in the United States and overseas. He has held a wide variety of leadership positions in private industry, community, volunteer and service organizations. Mr. Jordan spent over 36 years with Unocal Corporation and its successor Chevron Corporation in various assignments within the Comptroller's Department. He served as Manager, Transition Accounting, where he managed the accounting function at former Unocal corporate headquarters from date of acquisition through final integration with Chevron's accounting and internal control systems. Mr. Jordan also served as Manager, Corporate Reporting, where he oversaw the preparation of SEC filing and registration statements, and reviewed and issued annual and quarterly reports and press releases. He holds a Bachelor of Science in Accounting and Business Management and a Master's of Business Administration, both from Pepperdine University.
Timothy Crawford, CEO of Cardinal Energy, stated, "We welcome Mr. Jordan back. His extensive oil and gas experience adds to the strength of our accounting team. John did a superb job for us as our CFO, before he went into retirement to pursue his community service work with Disabled Veterans. We convinced him to come back to help us with our corporate filings and oversight of all CEGX's financial matters as we continue our growth in Texas."
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 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 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.
Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. (CEGX) Reports Incorrect Information
May 19, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. (CEGX) Reports Incorrect Information
Yahoo Financial Portal Includes Wrong Information on CEGX
DUBLIN, OH--(Marketwired - May 19, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) reports that the Yahoo Financial Portal is posting incorrect information. The portal is posting information for Cardinal Energy, Ltd. of Calgary Alberta Canada. Cardinal Energy LTD has no association whatsoever with Cardinal Energy Group, Inc. with offices in Dublin, Ohio and Abilene, Texas.
"We have worked very hard to build Cardinal into a respectable independent oil producer," remarks Timothy Crawford, Chairman and Chief Executive Officer of CEGX. He goes on to say, "You can imagine our surprise to see the wrong company's information linked to our company's headline on a major financial portal like Yahoo Finance. We are working diligently to correct this misinformation and any confusion between our companies. The wrong posting by Yahoo has caused us considerable harm in relation to our investment community that relies on the accuracy of public company information posted by the financial sites. Please be aware of this situation when making your assessment of CEGX for inclusion in your investment portfolio. We are Cardinal Energy Group, Inc. trading under the symbol CEGX on the OTCQB. Please excuse this issue, as we have no power over it, yet we are reaching out to Yahoo to fix the problem."
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.
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 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 www.cegx.us.
CONTACT
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group (CEGX) Engages JP Fortune Group
May 12, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group (CEGX) Engages JP Fortune Group
Campaign to Expand Financial Operations and Investor Awareness
DUBLIN, OH--(Marketwired - May 12, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce it has engaged JP Fortune Group (JPF), one of North America's premier small-cap advisory firms. JP Fortune Group will assist the Company in capital market positioning, financial operations management, M&A opportunities, and strategic investor communications. JPF will implement a comprehensive equity growth strategy and execute an extensive investor relations campaign. The Company's goal is to exploit opportunities in the financial marketplace while increasing market value for its shareholders' equity.
"We are excited to work with JP Fortune Group to expand our financial operations while increasing shareholder opportunities. We intend to strategically enhance our shareholder communications, as we believe the investor community will better appreciate the value we're creating in the marketplace," said Timothy Crawford, Chairman and Chief Executive Officer of CEGX.
"We have interviewed the management of CEGX over the past weeks. And we have watched their performance. Cardinal has a superior management team that has developed a proven growth model that is focused on producing shallow oil in Texas, which allows the Company to be profitable due to its economical lifting fees. Consequently we are highly confident CEGX will become a significant player in the financial markets even during this industry downturn," stated Larry Fortune, Managing Partner of JP Fortune Group.
More information on Cardinal Energy Group, Inc. 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, 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 www.cegx.us.
About JP Fortune Group
JP Fortune Group; a Bryce Holdings, LLC brand is a premier independent investor relations and financial advisory firm, with the depth of experience and expertise to advise companies across a broad spectrum of industries, ranging in revenues from $5 million to over $500 million. With a combined management team experience exceeding 50 years, JP Fortune Group is a leader in providing the highest quality investor relations and financial consulting services for middle market companies.
CONTACT
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Last updated 01/07/2017 - 0.0657
Cardinal Releases 3rd Quarter Earnings Report
Dec 08, 2015
OTC Disclosure & News Service
-
Cardinal Releases 3rd Quarter Earnings Report
CEGX Continues Its Transition to Contract Drilling and Field Development Operations
ABILENE, TX--(Marketwired - Dec 8, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company"
(OTCQB: CEGX) reports that "EBITDA" (earnings before interest, taxes, depreciation and amortization) for the quarter ended September 30, 2015 was $92,390 compared to $454,330 for the quarter ended September 30, 2014. "EBITDA" for the nine months ended September 30, 2015 was a negative $93,061 compared to a negative $1,130,059 for the comparable period of 2014. The Company reported an Operating Loss (operating revenues less operating expenses) for the third quarter of 2015 of $344,964 compared to operating income of $233,819 recorded in the third quarter of 2014. The Company's Operating Loss for the nine months ended September 30, 2015 narrowed to $716,366 from an Operating Loss of $1,305,638 for the comparable period of 2014. The current periods' results were hampered by delays in the receipt of capital required for the development of the Bradford leases, which necessitated a cessation of operations during the third quarter of 2015. Capital funding resumed in mid-September and the Company has resumed drilling and development activities on the properties. Operating results during the three month and nine month periods ended September 30, 2015 also reflect lower crude oil prices and lower production volumes due to mechanical down-hole problems and legal issues at some of our recently developed properties in north-central Texas. These negative factors were partially offset by decreases in operating and production expenses which reflect the Company's decision to shift its primary focus from the re-working of existing wells on its Texas oil and gas properties to providing contract drilling and field development services to third parties.
The three month and nine month earnings reflect not only the operating factors previously cited but also reflect higher interest related costs due to the higher level of debt outstanding partially offset by a reduction in administrative and general expenses as the Company has reduced staffing levels and has moved to lower home office and public company costs.
The following are summarized comments from Cardinal's CEO/President and Chief Operating Officer concerning the third quarter 2015 results:
"Again, we are very appreciative of our loyal shareholders and other stakeholders as we continue to transition the Company from primarily the operator of modest and older oil and gas leases to a provider of contract drilling and field development services," remarks Timothy W. Crawford, CEO of Cardinal. "Our drilling programs continue to be successful. We are also maintaining our commitment to shallow oil development in order to keep our finding and lifting costs for properties in which we retain a working interest low. We believe that this two pronged approach of selective development of shallow proven undeveloped reserves for our own account and the providing of drilling and development services to third parties will partially mitigate the impact of depressed oil and gas prices and allow us to be profitable in this down market. We are also actively pursuing, with and without the participation of others, several acquisition candidates in shallow oil plays in central Texas."
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 central Texas. 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. Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. Awarded Partial Default Judgment in Lawsuit
Nov 25, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. Awarded Partial Default Judgment in Lawsuit
'Damages Expected to Exceed $2,000,000'
ABILENE, TX--(Marketwired - Nov 25, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company"
(OTCQB: CEGX) reports that the Company has been awarded a partial default judgement on August 5, 2015 based on a lawsuit it filed in the District Court of Shackelford County, Texas, 259th Judicial District, against HLA Interests, LLC, Phillip Allen, SEDCO Operating, LLC, ERCO Holdings, Ltd, Caleb David Elks, and Michael Cies dba Terlingua Oil Associates. Timothy W. Crawford, CEO of Cardinal, remarks, "Cardinal filed this lawsuit against the corporate defendants and the individual members in their personal capacities on June 3, 2015. The lawsuit stems from a Working Interest Purchase Agreement that Cardinal entered into on July 3, 2013 with Defendant HLA Interests (an oil and gas management company that owns and controls existing oil fields in Texas), pursuant to which Cardinal agreed to purchase from HLA Interests its 85% working interest in 5 oil and gas leases known as the Dawson-Conway Leases (the 'Leases') in Shackelford County, Texas. Cardinal was fraudulently induced to enter into the Agreement by the defendants, who knew that 3 of the 5 Leases had expired prior to executing the Agreement."
Mr. Crawford further comments, "Cardinal's out-of-pocket damages as a result of the claims asserted in this lawsuit have been calculated at $1,735,765. Adding the claims for attorneys' fees, and other damages, including punitive damages as a result of the intentional fraudulent conduct, Cardinal's damages will exceed $2,000,000. Cardinal will be awarded, at a minimum, its out-of-pocket damages of $1,735,765, with a good possibility that the Court will also award attorneys' fees and punitive damages as a result of the defendants' conduct." The Company anticipates that a hearing on damages will be heard by the Court in the near future at which time the amounts for attorneys' fees, other costs and punitive damages will be quantified.
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. Contact:
Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. - Second Quarter Earnings Report
Aug 25, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. - Second Quarter Earnings Report
CEGX Reports Near Record Quarterly Performance
ABILENE, TX--(Marketwired - Aug 25, 2015) - Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company"
(OTCQB: CEGX) is pleased to report its best "EBITDA" (earnings before interest, taxes, depreciation and amortization) quarter since the company was founded. EBITDA for the quarter ended June 30, 2015 was $541,491 compared to a negative $925,898 for the quarter ended June 30, 2014. Operating revenues surged to $660,444 in the current period compared to $59,920 for the comparable period in 2014. The increase in operating revenues primarily reflects increased contract development activities at the Bradford "A" and "B" leases. The increase in operating revenues occurred despite a dip in crude oil sale revenues, which reflect lower crude oil prices (realized prices averaged $48.94 BBL in the second quarter of 2015 versus $91.77 BBL in the second quarter of 2014) and lower production volumes due to mechanical and down-hole issues at some of our recently developed properties in north-central Texas. Operating income (operating revenues less operating expenses) for the second quarter of 2015 increased to $95,792 compared to an operating loss of $936,937 recorded in the second quarter of 2014 and represents the second highest level of operating income in the Company's history. The increase in operating income not only reflects higher operating revenues but also reflects a decrease in operating expenses, which reflects the Company's decision to shift its focus from re-working of existing wells to in-field development drilling on its Texas oil and gas properties.
The Company's net comprehensive loss narrowed to $316,847 or $0.01 per share in the second quarter of 2015 compared to a net comprehensive loss of $1,193,172 or $0.03 per share for the comparable period of 2014. The improvement reflects not only the operating factors previously cited but also reflects a reduction in administrative and general costs, as the Company moved to contain home office and public company administrative costs. Higher interest related costs due to the higher level of debt outstanding partially offset these improvements. We will be announcing an earnings call in the near future.
The following are summarized comments from Cardinal's CEO/President and Chief Operating Officer concerning the second quarter 2015 results:
Timothy W. Crawford, CEO of Cardinal: "We are very pleased to announce to all of our loyal shareholders that we have had one of our best earnings quarters to date since our inception even in this downturned market. The increase is attributed the success of our drilling programs coupled with our success in keeping our lifting and finding costs down due to our shallow oil pursuit. We intend to keep the momentum by pursuing additional oil drilling programs for highly accredited investors that need tax relief against their ordinary income. In addition, we are pursuing other opportunities that have economical finding and lifting costs that are coming on to the market due to overleveraged companies shedding their core assets to meet their debt obligations. We have a couple of such opportunities currently that are in various stages of due diligence and negotiation. They will be announced to the public when they are consummated."
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.cardinalenergygroup.com or 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. Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc.: Bradford A & B Report
Jul 23, 2015
OTC Disclosure & News Service
-
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. Cardinal Energy Group, Inc.
info@cegx.us
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group (CEGX) Settles Dispute With Concho Oilfield Services, LLC
Jun 30, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group (CEGX) Settles Dispute With Concho Oilfield Services, LLC
Concho to Repair Cardinal's Prolific Well on Its Dawson-Conway Lease
ABILENE, TX--(Marketwired - Jun 30, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company"
is pleased to announce that the attorneys for Concho Oilfield Services, LLC and Hudson Petroleum, Ltd., Co., have asked the court to dismiss their claims against the Company with prejudice. The motions filed with the Texas District Court for Shackelford County discharges Cardinal of its obligations pursuant to the March 10, 2015 Joint Settlement Agreement. The amicable settlement of the suit requires Concho Oilfield Services to repair CEGX's No. 5B well on the Dawson-Conway 195B lease. Timothy Crawford, CEO of the Company, comments, "This is good news on several fronts. First, the $100,000 payment cleans up our balance sheet by removing the obligation we accrued at December 31, 2014 in keeping with generally accepted accounting principles. Second, our payment and the motion filed with the court set the stage for Concho to begin the work necessary to repair the #5B well and get it producing again on our Dawson-Conway lease. That 195B #5B well was one of our best producers on the Dawson-Conway Lease, before Concho performed work on the well in February of 2014. Returning it to production is a critical first step in the Company's efforts to fully monetize this property."
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 and natural gas. 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 in Central Texas. 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. Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. (CEGX) Secures Long Term Project Financing
Jun 22, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. (CEGX) Secures Long Term Project Financing
Funding Provided by Maximilian Global Through Its Subsidiary Keystone Energy
ABILENE, TX--(Marketwired - Jun 22, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company"
is pleased to announce that it has secured long term project financing with Maximilian Global through the new company, Keystone Energy. Maximilian Global is a private equity firm based in New York and is controlled by Robert Levy. Maximilian Global formed Keystone Energy for the sole purpose of providing project financing to Cardinal through a joint venture approach. Cardinal initially owns a 5% stake in Keystone but has an option to acquire up to a 50% ownership stake in Keystone based on various oil & gas production benchmarks. The first tranche of capital was received by the Company on Tuesday, June 16th and was earmarked to complete the development of the Bradford A & B leases. The Company contributed a 10% Working Interest in the prospect to Keystone in exchange for a 5% ownership stake in Keystone and received $250,000 in cash from Keystone for its remaining 10% Working Interest in the properties. Maximilian Global has committed a total of $2,600,000 specifically for the Bradford A & B leases through Keystone Energy.
This first project financing is part of a long term plan by the Company and Maximilian Global to provide a revolving line of credit to Cardinal, up to a maximum aggregate amount of $25,000,000, through a strategic partnership approach to capitalize on select lease acquisition and oil and gas development opportunities with the aim to diversify and grow Cardinal's reserves base.
"We look forward to a long and prosperous relationship with Robert Levy and his company Maximilian Global. We have been building towards this significant financial event since our inception and will continue the Company's focus toward growth and the creation of long-term shareholder value," stated Timothy Crawford, CEO of Cardinal Energy.
Crawford added, "The initial financing and commitment from Maximilian Global enables the Company to acquire qualified opportunities from target companies with distressed balance sheets, in addition to new lease acreage in prime locations for subsequent new drilling development. Our strategy has been carefully constructed to remain profitable during the industry price deflation by increasing our BOPD production and revenues via shallow plays utilizing conventional vertical drilling to minimize our lifting costs. The result is a watershed moment for the Company as we build upon our record Q4 revenues with ample capital to continue our growth through this fiscal year."
Robert Levy of Maximilian Global, said, "We are impressed with the management team and historical performance at Cardinal Energy and look forward to assisting the company's growth with efficient capital solutions. We further agree with Cardinal's expansion strategy formulated to take advantage of new opportunities available as a result of the decline in the price of oil. Cardinal has avoided overleveraging itself and therefore is well-positioned to grow through additional economically viable asset acquisitions."
More information on Cardinal Energy Group, Inc. 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 acquisition 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 production and development efforts are located primarily in Texas. 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. Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Moves Its Corporate Offices to Abilene, Texas
Jun 10, 2015
OTC Disclosure & News Service
-
Cardinal Moves Its Corporate Offices to Abilene, Texas
Move Consolidates CEGX Corporate and Operations Offices in Texas
DUBLIN, OH--(Marketwired - Jun 10, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company"
is pleased to announce that the Company is closing its Dublin, Ohio executive offices and moving them to Texas. The new corporate offices will be located in The Enterprise Tower at 500 Chestnut Street, Suite 1615, Abilene, Texas (see http://wikimapia.org/5390709/The-Enterprise-Building). Abilene is located 175 miles west and south of Dallas-Fort Worth. "The move is taking place during the course of this week," remarks Timothy Crawford, CEO of Cardinal. "Our Albany, Texas regional field office continues to serve as the operations base for our fields in north-central Texas. We decided that since we have sold all of our California and Ohio oil and gas assets, our administration should be based in Abilene to facilitate improved communications and further buttress CEGX's focus on oil and gas development opportunities in Texas. Abilene is an historic oil town with a well-established oil culture and mature infrastructure. Also, there is a substantial selection of seasoned oil and gas executive candidates for our workforce as we continue to grow our operations in Texas. We are considering many opportunities in Texas that are becoming available to us due to the industry downturn. It will be much simpler to take advantage of these opportunities from our new Abilene headquarters."
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. Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. (CEGX) Announces John Jordan
May 27, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. (CEGX) Announces John Jordan
Mr. Jordan Rejoins CEGX as Its Chief Financial Officer
DUBLIN, OH--(Marketwired - May 27, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce that John Jordan has rejoined CEGX management as Chief Financial Officer. Gary Peterson will move to the Controller position.
Mr. Jordan has over 40 years' experience as an accounting and financial services professional with an extensive background in the oil and gas and geothermal energy industries in the United States and overseas. He has held a wide variety of leadership positions in private industry, community, volunteer and service organizations. Mr. Jordan spent over 36 years with Unocal Corporation and its successor Chevron Corporation in various assignments within the Comptroller's Department. He served as Manager, Transition Accounting, where he managed the accounting function at former Unocal corporate headquarters from date of acquisition through final integration with Chevron's accounting and internal control systems. Mr. Jordan also served as Manager, Corporate Reporting, where he oversaw the preparation of SEC filing and registration statements, and reviewed and issued annual and quarterly reports and press releases. He holds a Bachelor of Science in Accounting and Business Management and a Master's of Business Administration, both from Pepperdine University.
Timothy Crawford, CEO of Cardinal Energy, stated, "We welcome Mr. Jordan back. His extensive oil and gas experience adds to the strength of our accounting team. John did a superb job for us as our CFO, before he went into retirement to pursue his community service work with Disabled Veterans. We convinced him to come back to help us with our corporate filings and oversight of all CEGX's financial matters as we continue our growth in Texas."
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 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 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. Contact:
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group, Inc. (CEGX) Reports Incorrect Information
May 19, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group, Inc. (CEGX) Reports Incorrect Information
Yahoo Financial Portal Includes Wrong Information on CEGX
DUBLIN, OH--(Marketwired - May 19, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) reports that the Yahoo Financial Portal is posting incorrect information. The portal is posting information for Cardinal Energy, Ltd. of Calgary Alberta Canada. Cardinal Energy LTD has no association whatsoever with Cardinal Energy Group, Inc. with offices in Dublin, Ohio and Abilene, Texas.
"We have worked very hard to build Cardinal into a respectable independent oil producer," remarks Timothy Crawford, Chairman and Chief Executive Officer of CEGX. He goes on to say, "You can imagine our surprise to see the wrong company's information linked to our company's headline on a major financial portal like Yahoo Finance. We are working diligently to correct this misinformation and any confusion between our companies. The wrong posting by Yahoo has caused us considerable harm in relation to our investment community that relies on the accuracy of public company information posted by the financial sites. Please be aware of this situation when making your assessment of CEGX for inclusion in your investment portfolio. We are Cardinal Energy Group, Inc. trading under the symbol CEGX on the OTCQB. Please excuse this issue, as we have no power over it, yet we are reaching out to Yahoo to fix the problem."
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. 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 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 www.cegx.us.
CONTACT
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Cardinal Energy Group (CEGX) Engages JP Fortune Group
May 12, 2015
OTC Disclosure & News Service
-
Cardinal Energy Group (CEGX) Engages JP Fortune Group
Campaign to Expand Financial Operations and Investor Awareness
DUBLIN, OH--(Marketwired - May 12, 2015) - Cardinal Energy Group, Inc. (OTCQB: CEGX) is pleased to announce it has engaged JP Fortune Group (JPF), one of North America's premier small-cap advisory firms. JP Fortune Group will assist the Company in capital market positioning, financial operations management, M&A opportunities, and strategic investor communications. JPF will implement a comprehensive equity growth strategy and execute an extensive investor relations campaign. The Company's goal is to exploit opportunities in the financial marketplace while increasing market value for its shareholders' equity.
"We are excited to work with JP Fortune Group to expand our financial operations while increasing shareholder opportunities. We intend to strategically enhance our shareholder communications, as we believe the investor community will better appreciate the value we're creating in the marketplace," said Timothy Crawford, Chairman and Chief Executive Officer of CEGX.
"We have interviewed the management of CEGX over the past weeks. And we have watched their performance. Cardinal has a superior management team that has developed a proven growth model that is focused on producing shallow oil in Texas, which allows the Company to be profitable due to its economical lifting fees. Consequently we are highly confident CEGX will become a significant player in the financial markets even during this industry downturn," stated Larry Fortune, Managing Partner of JP Fortune Group.
More information on Cardinal Energy Group, Inc. 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, 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 www.cegx.us.
About JP Fortune Group
JP Fortune Group; a Bryce Holdings, LLC brand is a premier independent investor relations and financial advisory firm, with the depth of experience and expertise to advise companies across a broad spectrum of industries, ranging in revenues from $5 million to over $500 million. With a combined management team experience exceeding 50 years, JP Fortune Group is a leader in providing the highest quality investor relations and financial consulting services for middle market companies.
CONTACT
JP Fortune Group
949-218-4020
Copyright © 2015 Marketwired. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
(0)
(0)Scroll down for more posts ▼
