Cardinal Energy Group, Inc. completed its acquisition of 618 acres and 41 oil wells on July 3, 2013 from HLA Interests, LLC., and officially began operations in Shackelford County, Texas on Monday August 12, 2013. Cardinal subsequently retained the current operator, Piper Oil & Gas, to remediate the existing wells. The acquired lease acreage is called the Conway-Dawson Lease, which is located approximately 2 1/2 hours northeast of Dallas. Cardinal has an 85% working interest in the field.

Timothy Crawford, CEO of Cardinal, remarks, "We are excited about Cardinal's operation kickoff in the Lone Star State. The Conway-Dawson lease assignments are officially transferred to Cardinal. The rework schedule and operating agreement with Piper Oil & Gas is completed. We are now in operation in Texas. Based on the rework schedule the first 11 wells are being remediated over the next 14 days. They are anticipated to produce approximately 30 barrels of oil per day combined. The remaining 30 wells are being remediated over the following several months with completion of all 41 wells by the first week of December. We anticipate Cardinals revenue to increase significantly from this acquisition over the next several months."

Tags: Cardinal Energy Group