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Cardinal Energy to acquire long life oil production in Wainwright area


Published Sep 4, 2014
Cardinal Energy Group, Inc.-2

Cardinal Energy Ltd. has entered into an agreement to acquire approximately 2,500 BOE/day of long life oil production in the Wainwright area of Alberta (the "Acquisition").

Wainwright Acquisition

The Acquisition consists of approximately 2,500 BOE/day of long life, medium quality crude oil with an average working interest of 94% and is consistent with Cardinal's strategy of building a solid production base. The Acquisition also includes operatorship and a high working interest in the associated facilities.

Wainwright is a new core area for Cardinal and the assets to be acquired immediately offset Cardinal's current producing properties in Wainwright, including the assets acquired on August 22, 2014.

Tags: Cardinal Energy Group




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