DUBLIN, OH — (Marketwired) — 09/27/13 — Cardinal Energy Group, Inc. (OTCQB: CEGX) announces the engagement of David Rippy, of Bakersfield Drilling Consultants, as the Company–s “acting” Chief Operating Officer on a contract basis.
Through the late 1970–s into the late 1980–s Mr. Rippy worked as a field engineer for Halliburton Services of Ventura, California and for ARCO Oil & Gas of Bakersfield, California as its production and work-over specialist. At the end of the 1980–s he went to work for Berry Petroleum of Taft, California as a Drilling, Production and Work-over Specialist. In the early 1990–s he joined Bestline Liner Systems of Bakersfield, California as their Design and Sales Manager. In 1995 he founded Bakersfield Drilling Consultants, Inc., which provides Senior Drilling Supervisors directly to the Oil and Gas Drilling exploration industry.
Timothy Crawford CEO of Cardinal Energy comments, “David has a keen sense of well remediation as made evident by his past accomplishments in increasing oil and gas production while working for the majors over the past 35 years. In cases where he was working for ARCO and Halliburton he increased their fields– production in some instances by as much as 100% using novel remediation techniques he co-developed. He brings an aggressive results-driven management style to Cardinal with a focus to work within a specific budget to create innovative cost saving solutions, which will translate to better net revenues for Cardinal. David is in Shackelford County, Texas with our CFO, Dan Troendly assessing our 618 acre field which contains 41 oil wells. David is very optimistic regarding the remediation of the wells to increase their output significantly. We are enthusiastic about David coming on-board with his unique skill set. We believe his addition to our team with his meticulous nature is sure to give Cardinal the edge that is needed to keep our assets at peak production.”
Cardinal Energy Group, Inc. is an American company that produces American oil and natural gas. The Company is based in Dublin, Ohio. Cardinal focuses on known formations that have significant proven reserves remaining that can be produced economically. Cardinal targets fields with wells that may need remediation due to neglect or undercapitalization. The prospect must offer a strong up-side for production. The upside we seek in a prospect is twofold — it must have the potential be restarted or have its current production increased using newer technology and remediation methods; it must also have additional lease acreage which can be further developed by completing development wells adjacent to existing producing wells. Cardinal exploits these undervalued assets by acquiring a majority working interest in the prospect and then applies the Company–s calculated development plan. Cardinal also seeks acquisitions of over-leveraged companies when there is a clear upside from their purchase based on strong commodity prices. The Company operates throughout the Continental United States. More information on Cardinal Energy Group, Inc. is available at .
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Cardinal Energy Group, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our ability to obtain financing and close on the acquisition of the oil and gas leases and property, our beliefs concerning our ability to increase the rate of oil and gas production, and the expected demand, pricing and operating results for our oil and gas operations.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Prospectus dated August 12, 2013.
Cardinal Energy Group, Inc.
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