Cardinal Energy Group, Inc. has signed a Purchase and Sale Agreement to acquire the 385 acre Powers-Sanders Lease located in Shackelford County, Texas. The prospect is being purchased from Sabor X Energy Services, Inc. of Albany, Texas.
The existing wells have been drilled to the Ellenberger formation, which has historically been a prolific formation in Shackelford County. There are a total of 5 wells on the prospect with 3 wells currently producing and 2 injection wells. The 3 wells are producing approximately 28 BOPD, which equates to 785 barrels per month.