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Cardinal Energy Group Inc. (fka CEGX)

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http://www.cardinalenergygroup.com/
 
Verified Company Profile11/08/2016
Contact Info
  • 500 Chestnut Street
    Suite 1615
    Abilene, TX 79602
 
Business Description

Cardinal Energy Group, Inc. is an environmentally responsible independent oil and gas producer focused in north-central Texas. We are engaged in the business of acquiring, developing and operating oil and gas leases. These operations are primarily focused on properties in which we hold a leasehold interest. We may however, from time to time, offer our drilling and field development and production services to third parties. We may offer these services to other oil and gas companies on a fee basis or we may offer such services in connection with the offering of participation interests in Development Drilling Programs to accredited private investors. We are focused on growth via the development of shallow proven undeveloped reserves in or adjacent to currently producing fields, exploiting untapped â??behind the pipeâ? reserves by re-completing existing well bores in zones overlying currently producing formations and by the selected application of water flood and other secondary recovery techniques to mature but marginally producing fields throughout north-central Texas. We may enter into agreements with third party mid-sized and small independent oil and natural gas companies to drill wells and own interests in oil and natural gas properties. We also may drill and own interests without such strategic partners.




On January 5th CEGX filed an 8k giving majority control to Meyers and Traina....:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11768738

Check out their website:

http://www.meyersassociateslp.com/

 

On December 29, 2016, Cardinal Energy Group, Inc. (the “Company”) filed a Form 8-K in which it reported, in part, that it had 95,429,557 shares of common stock issued and outstanding. On or about December 30, 2016, the Company issued to each of Meyers Associates, L.P. (“Meyers”) and to Gregory R. Traina (“Traina”) 150,000,000 shares of its restricted common stock in connection with placement agent and other services rendered to the Company, resulting in a total issuance of 300,000,000 shares of restricted common stock.

 

The issuances of the above shares were exempt from the registration requirements of Section 5 of the Securities Act of 1933 (the “Act”) pursuant to Section 4(a)(2) thereto not involving a public offering. Following the issuances and as of the date of this filing, the Company has a total of 395,429,557 shares of common stock issued and outstanding.

 

ITEM 5.01 Changes in Control of Registrant.

 

The issuance of the 300,000,000 million shares of common stock described in Item 3.02 above results in Meyers and Traina, collectively acquiring voting control of the Company, holding 59.36% of the voting power of all shares of capital stock outstanding. After the issuance of the new 300,000,000 shares of common stock, the Company has 395,429,557 shares of common stock and 1,000,000 shares of Series A Preferred Stock issued and outstanding, respectively. Each share of Series A Preferred Stock has voting rights equal to 110 votes per share. As a result of the transaction, the total outstanding voting power of the Company is 505,429,557 shares, with the new 300,000,000 shares of common stock representing 59.36% of the voting power of all shares of capital stock outstanding.

 

update:

O/S as of 3-2-2017 is 983,376,477


 STOCK SYMBOL: CEGX.OB CUSIP: 14150H101 FOUNDED: June 19, 2007 FEIN: 26-0703223
DUN & BRADSTREET: 03-274-4585 INDUSTRY: Energy
SECTOR: Oil & Gas
SIC CODE: 1382
TEXAS OPERATOR:
CEGX of Texas, LLC – #140712 Wholly Owned Subsidiary
WEB SITE: www.cegx.us www.cardinalenergygroup.com CONTACT INFORMATION: Timothy W. Crawford, CEO tcrawford@cegx.us 325-762-2112
SELECT FINANCIALS
OTCQB: CEGX
COMPANY OVERVIEW
An experienced oil & gas operator specializing in the exploitation of stranded assets with operational efficiency.
Business Model
The upside Cardinal seeks in a prospect is twofold:
1. Potential to significantly increase current production volumes using newer technology and modern production methods.
2. Must have additional lease acreage and/or substantial “behind
the pipe” undeveloped reserves which can be exploited by
selective re-completions of existing wells or by the drilling of
additional developmental oil and gas wells. 130
Cardinal also seeks acquisitions of oil and gas leases from over- leveraged companies when there is a clear upside from their purchase based on low development and “lifting” costs.
GROWTH STRATEGY
?Continue the installation of the water flood program at the Bradford “A” & “B” leases in Shackelford County
?New well development of prospects in Archer and Young counties
?Work-overs, farm-ins, and lease sale opportunities
?Purchase and develop additional Texas assets with a focus on the Permian Basin.
MARKET OPPORTUNITY
1,922
?
 Cardinal Energy Group, Inc. (OTCQB: CEGX) is a U.S. producer of oil and natural gas. Cardinal focuses on developing shallow proven undeveloped reserves in or adjacent to currently producing fields. We target untapped reserves via in-field development drilling and the selective application of water flood programs. Our operations are primarily focused on properties in which we hold a leasehold interest. On occasion we offer our drilling and field development and production services to third parties. Company’s operations are focused in Central Texas.
 Year Founded
Fiscal Year End
Common Shares
Outstanding (3/31/17)
Current Price
(3/31/17)
52-Week Price
Range
$$.0$$$$1.55
Post-Restructuring
Common Shares Outstanding
Post-Restructuring Float
Many oil reserves in the U.S. are stranded - These neglected assets are Cardinal Energy’s opportunity
These fields still have vast reserves that can be recovered
?Cardinal Energy Group follows a plan that focuses on developmental drilling and selected re- completions of oil & gas wells located within mature fields.
? The Company applies modern production theory and advanced technology to increase production from leases that are either nonproducing or are only marginally producing.
?Modern theory and technology enables these stranded reserves to be produced with minimal capital and production costs thereby extending the economic lives of the fields.
Wells drilled during the boom of the 1980’s have been ‘left behind’
2007 December 31
983,376,477 $.0021
$.0007- $.012
83,000,000 66,400,000
 Investors and readers are cautioned that certain statements contained in this presentation, as well as some statements in periodic press releases and some oral statements of our officers and directors during presentations about Cardinal Energy Group, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects", "anticipates", "intends", "plans", "could", "might", "believes", "seeks", "estimates “, or similar expressions.
    The Focus of Cardinal Energy Group
CURRENT PROSPECTS
Shackelford County, Texas Dawson-Conway
40 Oil Wells on 402 Acres
Powers-Sanders
5 Oil Wells on 385 Acres
Bradford A and B
21 Oil wells on 320 Acres
PLAN:
Full implementation of water flood project.
3 New Wells Drilled
ACQUISITION PROSPECTS
Archer County, Texas Loftin D, E, AG3
28 Wells on 610 Acres
PLAN:
Remediate Existing Wells Re-Stimulate Formation Zones Implement water flood
Archer County, Texas Falls County Lease
5 Wells on 100 Acres
PLAN:
Remediate Existing Wells 10 New Wells Drilled
Prideaux A
5 wells on 50 acres
PLAN:
Remediate Existing Wells 3 New Wells Drilled
Young County, Texas E. R. Prideaux
2 wells on 55 acres PLAN:
Remediate Existing Wells 8 New Wells Drilled
We acquire
significant, proven undeveloped reserves that provide growth opportunities through new infield drilling programs.
We increase production through in-field development drilling and the application of economical secondary recovery methods. In addition, modern re-completion and fracturing technologies make it economically possible to re-enter and recover stranded reserves from older wells.
We have focused our operations in north- central Texas. These properties feature simple well completions which typically produce from relatively shallow (in most cases from 400 ft. to 2,000 ft. below the surface) reservoirs resulting in lower development costs and lower lifting costs.
producing fields with
INVESTMENT HIGHLIGHTS
? Seasoned Oil&Gas Team-with decades of combined experience in the industry
? StrongFinancialFounder-TimothyCrawford
? CurrentIncomeStream-fromproducingwells
? Future Income Stream-from producing wells and fees from production and development services
? Stable Financial Strategy - strong oil and natural gas reserves
? AttractiveExit-PublicCompany
MANAGEMENT TEAM
Timothy W. Crawford, CEO/Director - Since 2012, Mr. Crawford has been CEO, member of the board of directors and in January 2013, Mr. Crawford was elected President. Mr. Crawford was the Managing Partner of Northstar Capital, Columbus, Ohio from 2009 – 2012. Northstar Capital is a private corporation engaged in business consulting. From 2009 to 2011, Mr. Crawford was served as the EVP/Co-Founder of Manx Energy, Inc. a private company located in Overland Park, Kansas. Manx Energy is engaged in the business of oil and gas production. He was responsible for investor relations, business development, and acquisitions. From 2009 to 2011, he was a Co-founder/Director of Continental Energy, LLC, a private company located in Columbus, Ohio. Continental Energy was engaged in the business of oil and gas production. Continental merged with Cardinal Energy Group, and is a wholly owned subsidiary. From 2007 to 2009, Mr. Crawford was CEO/Chairman of the Board/Co-founder of Capital City Energy Group Inc., a public company traded on the OTCBB under the symbol CETG. The company is engaged in the business of oil and gas production and an oil and gas fund manager.
Paul Carlisle, President/COO/Director – In early 2008, Mr. Carlisle, 42, founded Carlisle USA Energy Company. The purpose was to seek out working interest in existing and new drilling ventures with some of the largest operators in the oil and gas industry. Drawing on almost 10 years of experience helping grow several startup oil and gas companies in Texas, Mr. Carlisle wanted to put his skills to work for the public. He sought out acreage and working interest with BP American, Apache Corporation and XTO Energy to name a few, allowing his partners an opportunity to participate with major operators directly in their projects. After almost 5 years of growing Carlisle USA Energy Mr. Carlisle opened EOI Eagle Operating to capitalize on the ferocious appetite for oil in early 2012. With a strong understanding of AFE’s, Joint Operating Agreements and land man work. EOI secured contracts from local oil and gas companies in the Dallas, Fort Worth area. EOI can turn key entire projects from prospecting and obtaining leases through the planning and drilling phases and finally the completion and day to day operations. EOI owned and operated its own drilling rig in the early years and to this day still owns and operates several service rigs along with all the necessary equipment to service almost any shallow well within a 150-mile radius of its yard. Mr. Carlisle holds a BBA from the University of North Texas in Decision Sciences with a focus on Statistical Analysis in Data Mining and Data Warehousing.
John R. Jordan, Director – On May 27, 2015, the Board of the Company appointed John Jordan, then age 68, its Chief Financial Officer, a member of the Company’s Board and Chairman of the Audit Committee, effective June 1, 2015. Mr. Jordan had previously served as the Company’s Chief Financial Officer from January 2014 until September 2014, when he retired to pursue community service work. On March 17, 2017 Mr. Jordan resigned from his position as an officer of the Company, but continues to serve as a Director. From 1970 through 2006 Mr. Jordan was engaged in the financial reporting for the production of oil, gas and geothermal energy with Unocal Corporation and its successor Chevron Corporation. He performed management and transitional accounting for Unocal’s corporate headquarters, from the date of acquisition by Chevron through the final integration with Chevron’s accounting and internal controls systems. He provided the governance over the reporting and valuation of proved oil and gas reserves for the former Unocal properties in keeping with SEC rules and best practices of both firms. During the pre- and post-acquisition of Unocal he managed the preparation of SEC filings and registration statements: and jointly with company law and investor relations departments, reviewed and issued Annual and Quarterly reports, press releases, and other disclosures to the public.





 
PostSubject
#19126   Ok. Good luck. tdbowieknife 04/10/20 08:24:37 PM
#19125   For me not yet, I need my JPROBIN 04/10/20 08:20:53 PM
#19124   Has a suit been filed yet? tdbowieknife 04/10/20 08:09:36 PM
#19123   According to the Ohio Secretary of State, articles InvestorVeritas 02/22/20 09:24:54 PM
#19122   Very recent. My attorney is reaching out JPROBIN 02/22/20 01:29:08 AM
#19121   That looks pretty recent. The SEC should be informed. tdbowieknife 02/21/20 06:54:25 PM
#19120   Check this out. Guy gets SEC sanctioned JPROBIN 02/17/20 07:03:30 PM
#19119   Expected this. Guy should be in jail. JPROBIN 02/12/20 08:08:13 PM
#19118   (fka CEGX): SEC Settles Charges with Former CEO Renee 02/10/20 04:47:48 PM
#19117   Anyone hear anything from stupid? JPROBIN 01/19/20 09:28:07 PM
#19116   The guy is a loser. He will JPROBIN 12/26/19 06:06:44 PM
#19115   Apparently the escrow of funds was just for tdbowieknife 12/26/19 05:45:37 PM
#19114   What a joke. The SEC just wants JPROBIN 12/26/19 05:29:30 PM
#19113   The SEC and Crawford have a deal. He tdbowieknife 12/26/19 04:02:19 PM
#19112   Got it. I tried to get the JPROBIN 12/13/19 08:41:31 AM
#19111   The SEC can only sue in a civil tdbowieknife 12/13/19 08:31:04 AM
#19110   What a waste of time. Why 2 JPROBIN 12/13/19 08:23:29 AM
#19109   Looks like the settlement is on again. Crawford tdbowieknife 12/12/19 09:58:12 PM
#19108   Any word on judgment? I looked but JPROBIN 12/12/19 08:58:55 PM
#19107   I agree. He waits until the 11th hour InvestorVeritas 12/11/19 12:11:40 PM
#19106   I find it interesting that Tim waits until JPROBIN 12/10/19 01:32:59 PM
#19105   Expected as such. I agree he is JPROBIN 12/05/19 08:47:34 AM
#19104   Judge sided with Crawford and granted another extension. tdbowieknife 12/04/19 08:09:11 PM
#19103   I agree. It would be interesting to hear InvestorVeritas 12/03/19 11:41:32 PM
#19102   Would love to hear from their CEO, Ford. JPROBIN 12/03/19 09:13:22 PM
#19101   Agree. He doesn't have any money. JPROBIN 12/03/19 04:27:24 PM
#19100   I'm thinking he's trying to borrow the money. tdbowieknife 12/03/19 12:42:41 PM
#19099   Tim is such a sack of trash. Delay... InvestorVeritas 12/03/19 12:10:40 PM
#19098   Two status updates... One from the SEC, the tdbowieknife 12/03/19 08:39:49 AM
#19097   Lie after lie. We all called it. JPROBIN 11/27/19 08:54:45 PM
#19096   Good questions. What happened to “everything is amazing” InvestorVeritas 11/27/19 04:59:01 PM
#19095   Such a waste of time and tax payers JPROBIN 11/25/19 06:13:06 PM
#19094   he could if the SEC does not oppose tdbowieknife 11/24/19 10:30:34 PM
#19093   So he can’t extend the settlement past December InvestorVeritas 11/19/19 11:27:16 PM
#19092   Yep… Means little. What crooks like these need tdbowieknife 11/15/19 10:04:36 PM
#19091   What good is a settlement. Just to JPROBIN 11/15/19 09:56:05 PM
#19090   Nothing yet. The SEC hoped for a settlement tdbowieknife 11/15/19 08:32:07 PM
#19089   Any news? I am waiting for Crawford JPROBIN 11/08/19 12:55:32 PM
#19088   Yep… Complete bullshit. Investors should be livid, and tdbowieknife 10/18/19 11:45:22 PM
#19087   Amazing what a waste of time these court JPROBIN 10/18/19 11:39:28 PM
#19086   Another extension for time... tdbowieknife 10/18/19 08:04:08 PM
#19085   So true. Once a scumbag always a scumbag. JPROBIN 10/04/19 12:26:39 PM
#19084   The Texas Securities Board is still investigating. He's OilGuy2 10/03/19 11:37:46 AM
#19083   Good to hear he is out of your JPROBIN 10/02/19 06:55:31 PM
#19082   Well from my end...the oil scammer who sued OilGuy2 10/02/19 12:38:00 PM
#19081   Anyone with info? I haven't seen much JPROBIN 09/26/19 12:32:02 PM
#19080   That is so true. No remorse. JPROBIN 09/12/19 10:03:33 PM
#19079   Unfortunately the SEC has limited resources and many tdbowieknife 09/12/19 09:56:41 PM
#19078   Crawford is such a loser. InvestorVeritas 09/12/19 09:53:00 PM
#19077   I just don't understand a settlement. They JPROBIN 09/12/19 09:36:14 PM
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