Exploration & Production | Capital Markets | Private Equity Activity
Cardinal Energy Secures Drilling Permit for Bradford Lease
Email
Print 
Bookmark
Cardinal Energy Group, Inc. has secured its first drilling permit for its recently acquired 200 acre Bradford West Lease, which is adjacent and to the West of its Bradford A and B Leases.
The first well of a twenty well program, the Bradford BW-1 well was drilled on March 16, 2015. Upon completion of the tank batteries and minor infrastructure requirements the Bradford BW-1 will be completed.
Timothy Crawford, CEO of Cardinal, stated, "We are very pleased to announce this major step forward as the logging report indicates this to be a strong producing well with a good show of oil in the Frye formation. We are following the channel trend guided by the data we receive from drilling each new shallow well. We will institute a water flood plan on the Bradford West Lease, which should significantly increase production moving forward and mitigate the decline curve inherent to any well. The Bradford West is a shallow oil play that meets our goal of profitability by maintaining our finding and lifting cost below $15 per barrel."