Exploration & Production | Capital Markets | Private Equity Activity
Cardinal Receives Drilling Permits for TX Bradford Lease
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Cardinal Energy Group, Inc. has received its drilling permits for the Bradford Lease in Shackelford County from the Texas Railroad Commission. Cardinal will drill and complete 14 new wells in the Tannehill Sand Formation.
Timothy Crawford, CEO of Cardinal, comments, "We have received the first nine drilling permits for our Bradford leases. These permits allow us to begin our drilling program. The area has been surveyed and mapped by a geologist providing us a solid plan of attack to increase our oil production in the Albany area. The field already has 7 oil wells completed into the reliable Tannehill Sand Formation in Shackelford County. When the new drilling program is complete we will have drilled 14 new wells for a total of 20 producing wells and one injector well. We are in the final stages of completing our water flood using one of the existing wells as an injector. We are initiating the water flood early as it will take at least a month to feel its impact the new wells and the wells that are presently producing. We plan to have the drilling program completed over the next few months from the time we spud the first well on the lease, which is planned for this week. The Bradford lease is adjacent to our Powers Sanders lease, which makes this play all the more economical to operate and pump for our workforce. We anticipate robust production from this lease for years to come."