On May 16, Cardinal Energy Group Inc. (OTC: CEGX) detailed its financial results for first-quarter 2014. The quarter ended March 31, the company said.
Revenues from oil and gas increased during the quarter, the company said, noting the $14,794 compared with first-quarter 2013’s $1,871. The increase was due to the initial sale of crude oil from Cardinal’s Texas properties, as well as from higher prices for the natural gas produced and sold from its California properties, the company said.
Operating and general and administrative (G&A) expenses also increased, the company said. Operating expenses increased to $114,627, compared with first-quarter 2013’s $1,709, the company said. G&A expenses rose about 2% to $491,507, the company added. Operating expenses increased because of higher lease operating expenses for recently acquired Texas assets, Cardinal noted.
At the end of the quarter, there was $1,316,627 in cash, Cardinal said. Of this amount, $612,995 was used on operations, while $855,326 was used to acquire properties, the company added. The total cash amount had increased from $18,694 on Dec. 31, 2013, the company noted.
Additionally, the company recently sold asset sales in California and Ohio, and had the first sale of oil from its Dawson-Conway, Powers-Sanders and Stroebel-Broyles prospects in Texas, Cardinal said.
Regarding the outlook for the rest of the year, the company plans to rework and recomplete 78 wells in Shackelford and Eastland counties, Texas. It will invest about $4 million, and expects 400 barrels of oil per day for these properties, the company noted.
Dublin, Ohio-based Cardinal Energy Group explores, develops and produces domestic oil and natural gas.
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