Cardinal Energy Group, Inc. completed the sale of its oil and gas assets in California and Ohio to California Hydrocarbons Corporation on April 22, 2014 for 3,000,000 shares of Cardinal Energy stock held by California Hydrocarbon that will be cancelled. The Cardinal Energy common stock is valued at $2 million as of April 22, 2014. Cardinal Energy will now focus exclusively on oil and gas production in Texas.
Cardinal Energy acquired a fractional working interest in 11 oil and gas wells located in Licking and Knox Counties, Ohio, and a 100% working interest in 2 oil wells located in Holmes County, Ohio in 2011. Cardinal Energy also acquired a 100% working interest in the Armstrong #17-1 and #17-3 dry gas wells along with a 652 acre lease located in Colusa County, California in 2011.