Company plans to drill five wells in the first half of this year.
Cardinal Energy Group Inc. has acquired 2,200 acres lease rights from Chase Energy Group in the prolific Clinton sandstone formation in Wayne County, Ohio.
The formation has been the target of approximately 60,000 wells in the last 50 years. The depths in the formation range from 3,500ft to 6,000ft. The formation has a documented history of strong natural gas production with associated oil condensates. Major past producers in the formation include Belden & Blake Corporation, Range Resources, and Atlas Resources.
"We are enthusiastic about this acquisition," says Timothy W. Crawford, the President and CEO of Cardinal Energy Group, Inc. "We plan on drilling five wells in the first half of 2013 on the acreage acquired."