Cardinal Energy Group Inc.

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Description

Cardinal Energy Group Inc. has purchased lease rights from Chase Energy Group in the Clinton sandstone formation in Wayne County, Ohio for an undisclosed amount.

Cardinal Energy Group Inc. (OTCBB: CEGX) has purchased 2,200 acres lease rights from Chase Energy Group in the Clinton sandstone formation in Wayne County, Ohio for an undisclosed amount.

Cardinal plans on drilling five wells in the first half of 014.. The acreage is currently held by production by Devon Energy Corp. (NYSE: DVN), which owns the deep lease rights. The principal of Chase Energy Group has also agreed to join Cardinal as director of business development, according to the release.

The Clinton sandstone formation has been the target of about 0,,00 wells in the last 0 years. The depths in the formation range from ,,00 to ,,00 feet. The formation has a documented history of strong natural gas production with associated oil condensates. Major past producers in the formation include Belden & Blake Corp., Range Resources and Atlas Resources.

Cardinal Energy Group Inc. is an independent oil and natural gas producer based in Dublin, Ohio.