Cardinal Energy to buy Kansas Petroleum assets

Cardinal Energy Group Inc., Dublin, Ohio, has signed a binding agreement with Kansas Petroleum Resources LLC to purchase a 100% working interest in oil and gas leases and other operational assets in Pawnee and Hodgeman counties, Kan.

The leases cover 17,000 acres of land and include 19 oil and gas wells that produce oil from the Mississippian limestone, Lansing-Kansas City limestone, Cherokee sand, and Permian Chase Group. The acquisition will boost Cardinal’s oil production by 300 b/d, and the company believes it can double the field’s production.

The assets also include 3D seismic surveys, 19 vertical oil-producing wells, and two water disposal wells that have been drilled into the Arbuckle formation.