Feb. 15, 2013
/PRNewswire/ -- Cardinal Energy Group, Inc. (OTCQB: CEGX) announces the acquisition of 2,200 acres lease rights from Chase Energy Group in the prolific
sandstone formation in
Wayne County, Ohio
The formation has been the target of approximately 60,000 wells in the last 50 years. The depths in the formation range from 3,500 to 6,000 feet. The formation has a documented history of strong natural gas production with associated oil condensates. Major past producers in the formation include Belden & Blake Corporation, Range Resources and Atlas Resources.
"We are enthusiastic about this acquisition,"
Timothy W. Crawford
, the President and CEO of Cardinal Energy Group, Inc. comments. "We plan on drilling five (5) wells in the first half of 2013 on the acreage acquired. The acreage is currently held by production by Devon Energy which owns the deep lease rights. The principal of Chase Energy Group is a seasoned oil and gas veteran who has agreed to join the Cardinal team as Director of Business Development."
ABOUT CARDINAL ENERGY GROUP, INC. (OTCQB: CEGX): (
) Cardinal Energy Group, Inc. operates as an independent Oil and Natural Gas Producer based in
. Cardinal has offices located in
New Concord, Ohio
Cocoa Beach, Florida
(Investor/Public Relations) and a West Coast office in
which oversees the Companies natural gas wells located in Colusa County, California. Cardinal is focused on producing oil and natural gas from proven formations that have existing wells that need remediation due to neglect or disrepair. Cardinal utilizes modern production methods and technology to restart or increase production through reworks and further develops the target field with development wells. The Company operates throughout the Continental United States.