Cardinal Energy Group, Inc. has signed a definitive and binding Purchase Sales Agreement with Kansas Petroleum Resources, LLC on August 19, 2013 to purchase a 100% working interest in oil and gas leases that cover approximately 17,000 acres of land and include 19 oil and gas wells located in Pawnee and Hodgeman Counties, Kansas in addition to other operational assets of Kansas Petroleum.

The acquisition is part of management's ongoing plan to build a portfolio of oil and gas properties in the Continental United States that are poised for further development. The wells to be acquired are located within the oil producing zones in Kansas known as the Mississippian limestone formation, Lansing-Kansas City limestone formation, the Cherokee Sand Basin and the Permian Chase Group formations. Upon completion of the acquisition, Cardinal's annual oil production will increase by at least 300 barrels of oil per day.

Tags: Cardinal Energy Group