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."