Cardinal Energy acquires Shackelford oil leases

Cardinal Energy Group Inc., Dublin, Ohio, has signed a definitive agreement that completes its acquisition of the Conway-Dawson leases in Shackelford County, West Central Texas. Seller was not disclosed.

The acquisition gives Cardinal an 85% working interest in the 618-acre field, which has 46 wells and one injection well. Cardinal will retain the services of the present operator who estimates that remediating 11 wells in the next few weeks will greatly increase production significantly.

Shackelford County is known for Cook Ranch oil field, which produces from a highly permeable lens of Cook sand of lower Permian or upper Pennsylvanian age at an average 1,300 ft. Discovered in 1926, the field has been operated with low-pressure gas injection since July 1927, one of the first such projects in Texas.

Cumulative production exceeds 14,701,131 bbl or an average of 1,013 bbl/acre-ft. The high permeability and reservoir uniformity are favorable for this type of operation.

Cook Ranch field is the largest of a number of relatively small, shallow producing areas near Albany.

Cardinal Energy said the purchase is its first producing acquisition outside the Appalachian basin and is an ideal field to execute our remediation strategy. The existing wells produce 30 bbl/month. Reworking the first 11 wells should bring their output up to 10 b/d. Other reworks will follow systematically.

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