Cardinal Energy Group Inc. (OTC: CEGX) reported the status of its monthly production for its Holmes County, Ohio, Colusa County, Calif., and Shackelford County, Texas assets on Oct. 31.
"We are currently producing natural gas in Colusa County, Calif., on our 654 acre lease with two deep gas wells. We are also producing oil in Holmes, Knox and Licking County, Ohio, and on our 618 acre lease in Shackelford County, Texas. Our Shackelford County asset shows the most upside promise for significantly increased production. We are in the midst of reworking these Shackelford County wells. The roads are being repaired to accommodate the drilling rig for the rework of our 41 wells; three wells are already producing oil without any rework. We have addressed nearly all of the regulatory issues required by the Texas Railroad Commission (RRC) over the last several months, which is required annually for shut-in wells. The injector wells will be reworked over the next 10 days which will complete all the regulatory requirements which will allow us to sell the 100 plus barrels of oil we presently hold in our tank batteries. Dave Rippy, our new COO, along with our consulting geologist are confident that we can bring the Shackelford County field back into robust production by the end of the year. He anticipates that the field, once fully reworked, will yield from up to 400 barrels of oil per day," Timothy Crawford, president and CEO, said in the release.
Cardinal Energy Group Inc. is an independent energy company engaged in the exploration, purchasing, development and operation of oil and gas leases in the U.S. The company is based in Dublin, Ohio.