9 New Wells Are Drilled With 8 Completed and Producing
DUBLIN, OH / ACCESSWIRE / November 13, 2014 / Cardinal Energy Group, Inc. CEGX is pleased to announce that nine new wells drilled have been drilled to the Tannehill Sandstone formation on its 320 acre Bradford Prospect. Of the 9 new wells, 6 have been completed and are producing.
The newly drilled wells along with the 7 wells that were existing on the Bradford leases are producing an average of 37 BOPD combined: the newly drilled and completed wells are the Bradford A #5, A #6, A #7, the B #5, B #6 and the B #7, with the A #8, A 9# and the B #4 injector to be completed in the next couple of days.
Timothy Crawford CEO of Cardinal comments, "With the well information collected and the remapping from the delineation program of the Bradford prospect, we now feel confident that there are an additional 15 infield locations that can be drilled and water flooded. We should commence drilling of the infield wells as soon as receive our new drilling permits."
More information on Cardinal Energy Group, Inc. is available at www.cegx.us.
About the Tannehill:
Abstract - The Tannehill Sandstone of Northwest Texas: Depositional Environments and Hydrocarbon Migration from the Basin to the Shelf - by NORMAN, GREGG A., Gunn Oil Company, Wichita Falls, Texas *
The Tannehill Sandstone was deposited by westward pro-grading fluvial, deltaic and submarine fan processes across the Eastern Shelf and into the Northeastern Midland Basin of Texas. These Middle Wolfcampian aged reservoirs comprise one of the longest oil producing trends in the region, extending over 100 miles across Northwest Texas. The majority of oil production to date has been found within fluvial and shelf delta distributary complexes. The reservoirs on the shelf are found at relatively shallow depths without any significant associated hydrocarbon source rocks. The basinal depositional systems, composed of shelf edge delta, slope and submarine fan complexes, represent low stand pro-gradation beyond the pre-existing shelf edges. These basinal facies downlap onto regionally extensive marine condensed sections and older carbonate banks that provide the hydrocarbon source for the Tannehill Sand. A very tortuous, yet continuous aquifer links basinal clastic systems to those on the shelf and has provided a conduit for long range hydrocarbon migration.
Forward Looking Statements:
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Cardinal Energy Group, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our oil and gas production rates, 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:
Redbird Social, LLC
info@cegx.us
614-459-4959
SOURCE: Cardinal Energy Group, Inc.
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