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Cardinal Energy acquires the Fortune Lease


Published Sep 3, 2014
Cardinal Energy Group, Inc.

Cardinal Energy Group, Inc. has completed the acquisition of the Fortune Lease. Cardinal will participate in 50% of the play on 310 acres. The lease has one un-completed, plugged well that will be re-entered and re-drilled to the prolific Caddo formation. Activity should commence on or about September 15, 2014. The plan is to continue the development of the lease by drilling 3 to 5 new wells into the various other formations on the lease.

Timothy Crawford, CEO of Cardinal, comments, "This target has been recognized by utilizing geophysical and seismic data. The formation shows a very strong amplitude anomaly. This re-entry is up dip from a known producer that had an initial production of 150 BOPD. We are looking forward to the development of this prospect and its potential to add to our daily production."

Tags: Cardinal Energy Group




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