Cardinal Energy Group, Inc. Appoints Capital City Securities Placement Agent for $4,600,000 Series D Preferred Stock Offering...
April 12 2017 - 3:34PM
Marketwired
ABILENE, TX-(Marketwired - Apr 12, 2017) - Cardinal Energy
Group, Inc ("Cardinal Energy" or "the Company") (OTCQB: CEGX)
announces the engagement of Capital City Securities, LLC based in
Columbus, Ohio to be one of the placement agents for our $4,600,000
Series D Preferred Stock Offering. The Company filed with the
Nevada Secretary of State on March 30, 2017 an amendment to the
Certificate of Designation for the Company's Series A Preferred
Stock and filed three additional Certificates of Designations to
designate the Series B Preferred Stock, the Series C Preferred
Stock and the Series D Preferred Stock. (Refer to SEC Form 8-K
filed on March 31, 2017 for a complete description of each
designation.
The Company authorized 1,000,000 shares of Series B Preferred
Stock, which will be issued to EOI Eagle Operating, Inc ("Eagle")
headquartered in Frisco, Texas upon the execution of the Final
Definitive Agreement between Eagle and Cardinal Energy to acquire
Eagle's oil & gas leases, existing wells and equipment. The
Series B Preferred stock can convert into 10% of the issued and
outstanding common stock of the Company. (Refer to SEC Form 8-K
filed on March 31, 2017 for a complete description of the
designation)
The Company authorized 4,600,000 shares of Series D Preferred
Stock with a stated value of $1.00 per share. The Series D
Preferred Stock will pay a 5% annualized dividend, can convert into
55% of the issued and outstanding common stock of the Company and
will be issued together with an aggregate 5% ORRI (Overriding
Royalty Interest) on the assets (leases with 60 existing wells and
new wells) acquired with the Net Proceeds from the sale of the
4,600,000 shares of Series D Preferred Stock. (Refer to SEC Form
8-K filed on March 31, 2017 for a complete description of the
designation)
Timothy W. Crawford, CEO of Cardinal Energy stated, "We are
pleased to announce the engagement of Capital City Securities, LLC
based in Columbus, Ohio to be one of the placement agents for our
$4,600,000 Series D Preferred Stock Offering. The capital from this
offering will allow us to retire any remaining Convertible Notes,
acquire EOI Eagle Operating assets and further develop existing oil
and gas properties and new oil and gas leases we plan to acquire.
In total, we anticipate drilling and completing at least 24
additional development wells during the remainder of 2017".
Todd E. Crawford, CEO of Capital City Securities, LLC commented,
"We are excited to be one of the placement agents for this uniquely
structured opportunity for qualified investors".
The Company is directing all inquiries regarding the Series D
Preferred Stock Offering directly to Capital City Securities, LLC
located at 1335 Dublin Road, Suite 122D, Columbus, Ohio 43220.
Contact Todd Crawford at 614-485-3108 /
tecrawford@capitalcitypartners.com. More information on Capital
City Securities, LLC is available at
www.capitalcitypartners.com
About Cardinal Energy Group, Inc.
Cardinal Energy Group, Inc. is
an environmentally responsible energy company principally engaged
in the acquisition, development and production of crude oil.
Cardinal's strategy is to increase reserves and production through
the exploitation of oil and natural gas properties with a high
emphasis on known formations with significant proven reserves
remaining that can be produced economically. The company's
properties and development efforts are focused in Central Texas.
More information on Cardinal Energy Group, Inc. is available at
www.cegx.us.
Forward Looking Statements
In connection with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
Cardinal Energy Group, Inc., is hereby providing cautionary
statements identifying important factors that could cause our
actual results to differ materially from those projected in
forward-looking statements (as defined in such act). Any statements
that are not historical facts and that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
indicated through the use of words or phrases such as "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimated," "intends," "plans," "believes" and "projects") may be
forward-looking and may involve estimates and uncertainties which
could cause actual results to differ materially from those
expressed in the forward-looking statements. These statements
include, but are not limited to, our beliefs concerning our ability
to increase the rate of oil and gas production, and the expected
demand, pricing and operating results for our oil and gas
operations. CONTACT INFORMATION
Contact :
Timothy W. Crawford
Email : tcrawford@cegx.us
Phone : 325-762-2112