Cardinal Energy Group Inc. (fka CEGX)

[InvestorVeritas]

Originally, the Bradford Project had 7 existing wells and planned to drill 14 new wells for a total of 20 producing wells and 1 injector well.

If you calculate the cost to drill each new well to be $50,000: 14 wells X $50,000 = $700,000. If roughly 2 million dollars was put into this project and the project has no money what happened to the remaining $1,300,000?!?! Maybe thats why CEGX's "general and administrative" expenses were annually north of a 1 million dollars? If CEGX management and employees weren't being paid and subsequently quit, who or what was sucking money through "general and administrative"? Someone has some major explaining to do.