Cardinal Energy
Group, a U.S. producer of oil and natural gas within the United States, reports
its financial results for the full-year ended Dec. 31, 2013, as well as
provides current production data and guidance along with an update on its
existing business strategy.
Lower production for
full-year 2013 led to a decrease in revenues from oil and gas to $16,657 for
the 12 months of 2013, compared to revenues of $21,162 for the prior year. Net
loss for the year was $1.9 million, or a loss of $0.06 per share, compared to a
net loss of $819,255, or $0.03 per share, for 2012.
As of Dec. 31, 2013,
the company had cash and cash equivalents of $18,694, up from $3,460 at Dec.
31, 2012. Cardinal used $428,733 of cash in operations in 2013, primarily for
costs related to identifying and acquiring additional oil and gas properties
and reworking existing wells. Management said it anticipates incurring
additional costs to identify and acquire additional oil and gas properties, to
rework and re-complete existing wells, and to drill new wells in 2014.
The company also
provided current production and guidance, reporting that it is currently
producing 44 BOPD in South Central Texas on 1,238 acres in Shakelford and
Eastland Counties. As of March 28, 2014, the company has available for sale 820
barrels of oil from its 10 operating wells in Texas. Management expects the
company to achieve a production rate of 400 BOPD by the third quarter of 2014.
Moving through 2014,
the company said it will focus on its Texas expansion strategy.
“We see tremendous
opportunities to increase production to existing and acquired wells,” Timothy
Crawford, CEO of Cardinal stated in the news release. “Our seasoned team has a
solid track record of identifying, remediating and operating oil and gas properties
in Ohio and Texas. The capital we recently secured will allow us to rework
abandoned wells and drill in-field wells into new formations. This low-risk,
capital-light strategy should result in significant increases in production and
reserves in 2014 and beyond.”
For more
information, visit www.cegx.us
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