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Cardinal Energy Group, Inc. Reports First Quarter 2014 Earnings Results; Provides Production Update

Reiterates Production Guidance of 400 BOPD by Q3 2014; Management to Host Conference Call on Monday, May 19th at 11:00am ET

DUBLIN, OH -- (Marketwired) -- 05/16/14 -- Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company") (OTCQB: CEGX) announced financial results for the three months ended March 31, 2014. The Company has achieved the following milestones in its strategy for growth:

  • Divesting California and Ohio assets
  • Entering Texas to capture higher oil growth opportunities
  • Retired selective costly convertible debt

First Quarter 2014 Financial Results

Revenues from oil and gas were $14,794 for the three months ended March 31, 2014, up from $1,871 in the same period a year ago due to initial sale of crude oil from its Texas properties and higher prices for natural gas produced and sold from the Company's California properties.

Operating and production expenses increased to $114,627 for the quarter ending March 31, 2014 compared to $1,709 for the quarter ending March 31, 2013. The primary reason for the increase was higher lease operating expenses for the oil and gas properties recently acquired in Texas. General and administrative expenses increased approximately 2% to $491,507 in the first quarter of 2014 compared to the same period a year ago.

Net loss for the quarter ending March 31, 2014 was $745,557 compared to a net loss of $460,205 for the same period a year ago. The increase reflects the aforementioned higher operating and production expenses and higher interest costs due to the increased borrowings required to fund the Company's growth and development activities. Net loss per share was $0.02 for the first quarter of 2014 compared to $0.01 in the first quarter of 2013. The weighted average shares outstanding increased to 36.6 million shares in Q1 2014 from 34.8 million shares in Q1 2013.

Cash and cash equivalents were $1,316,627 at March 31, 2014, up from $18,694 at December 31, 2013. The Company used $612,995 of cash in operations and invested $855,326 to acquire and develop oil and gas properties during the quarter ended March 31, 2014. Management anticipates incurring additional costs to acquire leases, rework and recomplete existing wells and to drill development wells during the remainder of 2014.

In the first three months of 2014, the Company has sold $3,225,000 of 12% senior secured convertible notes. Through May 14th, 2014 Cardinal Energy has raised a total of $4,075,000 through the sale of the 12% senior secured convertible notes, which includes the $3,225,000 raised in the first quarter of 2014. The notes have an initial conversion exercise price of $1.00 per share of common stock, are callable by the Company and mature on December 15, 2015 unless converted or redeemed earlier. Proceeds will be used to fund the Company's well work over and drilling programs, strategic acquisitions, retire selected costly convertible debt and for working capital.

Timothy Crawford, CEO of Cardinal Energy stated, "We see meaningful opportunities to increase production from existing wells and by drilling additional development wells on our existing Texas leases. We are continuing to build our seasoned team which has demonstrated a solid track record of identifying, remediating and operating oil and gas properties in key areas throughout Texas. We are being prudent with the capital that we have recently secured which will allow us to rework and recomplete our recently acquired wells and to drill selected in-field development wells to exploit reserves from currently producing and heretofore untapped new formations. We expect this low-risk, capital-light strategy to significantly increase production throughout the remainder of 2014 and beyond."

Recent Business Highlights

In an attempt to focus its capital and drilling activities solely in Texas, Cardinal Energy recently sold its oil and gas assets in California and Ohio to California Hydrocarbons, Inc. The assets disposed of were originally acquired in 2011. In exchange for the assets California Hydrocarbons, Inc. agreed to return 3,000,000 shares of the Company's common stock valued at $2,010,000.

Cardinal Energy completed the first sale of oil from its Dawson-Conway, Powers-Sanders and Stroebel-Broyles prospects in Texas. This was a key milestone and marks the first production sale report from the Company's wholly owned subsidiary, CEGX of Texas, LLC. The three prospects yielded 560 barrels of "light" (API 35-38 gravity) oil since Cardinal's recompletion program resumed the fields' production. The Company acquired its initial 85% working interest in the Dawson-Conway leases in July 2013 and acquired the remaining 15% working interest plus its 100% working interests in the Powers-Sanders and Stroebel-Broyles leases in March of 2014.

On May 13th, Cardinal Energy announced the hiring of Edward Mitchell, former Vice President and Corporate Controller for Bob Evans Restaurants, as Cardinal's Vice President and Controller. Mr. Mitchell is a Certified Public Accountant executive with over 20 years of extensive vice president and director level managerial and supervisory experience including 15 years with Deloite & Touche. He is a successful team leader with excellent communication skills and a collaborative style.

Texas Expansion Strategy

The Company will continue to deploy the following growth initiatives:

  • Re-work and recomplete its 78 wells located on 1,238 acres in Shackelford and Eastland Counties.
  • Cardinal will continue to invest approximately $4.0 million over the next several months and anticipates obtaining an estimated 400 BOPD from these existing properties
  • Cardinal will continue production expansion by:
    • Recomplete existing wells into multiple formations which are "behind-pipe" in Shackelford and Eastland Counties to increase oil production substantially.
    • Drilling and completing multiple development wells in already proven formations
    • Acquiring geological and reserve qualified inactive and orphaned wells for "cents-on-the-dollar" (There are currently 900+ inactive and/or "orphaned" wells available for purchase in Shackelford and Eastland counties alone)

Investor Conference Call

The Company will host a webcast and conference call with investors at 11:30 am ET on Monday, May 19, 2014. President and CEO Tim Crawford and CFO John Jordan will discuss the company's assets, growth strategy and financial position.

Date: Monday, May 19, 2014
Time: 11:00 am ET
Dial-in (US): 877-941-2068
Dial-in (International): 480-629-9712
Conference ID: 4682451
Webcast: http://public.viavid.com/index.php?id=109136

A replay of the call will be available from 2:30 pm ET May 19, 2014 to 11:59 pm ET June 2, 2014. To access the replay, use 877-870-5176 for U.S. callers and 858-384-5517 for international callers. The PIN number is 4682451.

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 expectations concerning our ability to obtain financing and close on the acquisition of the oil and gas leases and property, 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.

About Cardinal Energy Group, Inc.
Cardinal Energy Group, Inc. is a U.S producer of oil and natural gas within the United States. The Company is based in Dublin, Ohio. Cardinal focuses on known formations that have significant proven reserves remaining that can be produced economically. Cardinal targets fields with wells that may need remediation due to neglect or undercapitalization. We select prospects that offer a strong up-side for production. The upside we seek in a prospect is twofold -- it must have the potential to be restarted or have its current production increased using newer technology and remediation methods and; it must also have additional lease acreage which can be further developed by completing development wells adjacent to existing producing wells. Cardinal exploits these undervalued assets by acquiring a majority working interest in the prospect and then applies the Company's calculated development plan. Cardinal also seeks acquisitions of over-leveraged companies when there is a clear upside from their purchase based on strong commodity prices. The Company operates throughout the Continental United States. More information on Cardinal Energy Group, Inc. is available at www.cegx.us.


                        Cardinal Energy Group, Inc.

                   Condensed Consolidated Balance Sheets


                                                   March 31,   December 31,
                                                     2014          2013
                                                 ------------  ------------
                                                  (unaudited)
                     ASSETS
CURRENT ASSETS
  Cash                                           $  1,316,627  $     18,694
  Prepaid expenses                                    176,905        38,722
  Accounts receivable                                  10,103             -
  Accounts receivable - related party                   4,633         4,633
                                                 ------------  ------------

    Total Current Assets                            1,532,038        85,884
                                                 ------------  ------------

PROPERTY AND EQUIPMENT, net                            74,443        56,078
                                                 ------------  ------------

OIL AND GAS PROPERTIES (full cost method)
  Unproved properties, net of accumulated
   depletion, depreciation, amortization, and
   impairment of $579,963 and $579,963,
   respectively                                     2,294,261     1,355,631
                                                 ------------  ------------

OTHER ASSETS
  Deposits                                            103,552        49,202
  Prepaid expense - debt issuance costs, net          379,869             -
                                                 ------------  ------------

    TOTAL ASSETS                                 $  4,384,163  $  1,546,795
                                                 ============  ============

      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable and accrued expenses          $    239,844  $    234,011
  Related party payables                                4,599         4,599
  Convertible notes, net of debt discount of
   $24,881 and $-0-, respectively                     208,119       418,306
  Derivative liability                                      -        32,528
                                                 ------------  ------------

  Total Current Liabilities                           452,562       689,444
                                                 ------------  ------------

LONG-TERM LIABILITIES
  Convertible notes, net of debt discount of
   $340,066 and $30,836, respectively               2,884,934       202,164
  Notes payable                                       340,000       400,000
  Asset retirement obligation                         156,238         8,639
                                                 ------------  ------------

  Total Long-Term Liabilities                       3,381,172       610,803
                                                 ------------  ------------

  TOTAL LIABILITIES                                 3,833,734     1,300,247
                                                 ------------  ------------

STOCKHOLDERS' EQUITY
  Common stock, 100,000,000 shares authorized at
   par value of $0.00001; 37,718,713 and
   35,944,750 shares issued and outstanding,
   respectively                                           377           359
  Additional paid-in capital                        6,343,257     5,293,772
  Stock subscription receivable                        (3,500)       (3,500)
  Accumulated other comprehensive loss             (2,193,830)   (2,193,765)
  Retained deficit                                 (3,595,875)   (2,850,318)
                                                 ------------  ------------

    TOTAL STOCKHOLDERS' EQUITY                        550,429       246,548
                                                 ------------  ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $  4,384,163  $  1,546,795
                                                 ============  ============


  The accompanying notes are an integral part of these unaudited condensed
                     consolidated financial statements.


                        Cardinal Energy Group, Inc.
  Condensed Consolidated Statements of Operations and Other Comprehensive
                                    Loss
                                (unaudited)

                                                 For the Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------

REVENUES
  Oil and gas revenues                           $     14,794  $      1,871
                                                 ------------  ------------

  Total Revenues                                       14,794         1,871
                                                 ------------  ------------

COSTS & OPERATING EXPENSES
  Operating and production costs                      114,627         1,709
  Depreciation and amortization                         5,854         1,751
  Property and other operating taxes                    1,030             -
  Accretion on asset retirement obligation              4,296           219
  General and administrative                          491,507       480,512
                                                 ------------  ------------

  Total Operating Expenses                            617,314       484,191
                                                 ------------  ------------

OPERATING LOSS                                       (602,520)     (482,320)
                                                 ------------  ------------

OTHER INCOME (EXPENSES)
  Interest expense, net                               (76,916)       (3,046)
  Gain on change in the fair value of derivative
   liability                                           10,460        25,161
  Loss on extinguishment of debt                      (76,581)            -
                                                 ------------  ------------

  Total Other Income (Expenses)                      (143,037)       22,115
                                                 ------------  ------------

NET LOSS                                         $   (745,557) $   (460,205)
                                                 ============  ============

OTHER COMPREHENSIVE INCOME (LOSS)
  Change in value of investments                          (65)     (107,800)
                                                 ------------  ------------

NET COMPREHENSIVE LOSS                           $   (745,622) $   (568,005)
                                                 ============  ============

  Loss per share of common stock
    (basic & diluted)                            $      (0.02) $      (0.01)
                                                 ============  ============


Weighted average shares outstanding                36,615,096    34,768,848
                                                 ============  ============

  The accompanying notes are an integral part of these unaudited condensed
                     consolidated financial statements.


               Cardinal Energy Group, Inc.
Condensed Consolidated Statements of Stockholders' Equity
                       (unaudited)




                                Common Stock      Additional     Stock
                            -------------------    Paid-In    Subscription
                              Shares     Amount    Capital     Receivable
                            ----------  -------  ----------- -------------

Balance at December 31,
 2012                       34,545,000  $   346  $ 3,518,752 $           -

Common stock issued for
 services                      568,147        6      578,369             -

Common stock issued for
 cash                          457,407        4      327,796        (3,500)

Common stock issued for
 deferred costs                 25,862        -       34,655             -

Common stock issued for
 interest on convertible
 notes                         333,334        3      302,150             -

Common stock issued for
 property                       15,000        -       18,750             -

Beneficial conversion
 feature                             -        -       48,300             -

Write off of derivative
 liability                           -        -       63,000             -

Accrued compensation
 forgiven by officers -
 contributed capital                 -        -      402,000             -

Unrealized holding loss for
 available-for-sale-
 securities                          -        -            -             -

Net loss for the year ended
 December 31, 2013                   -        -            -             -
                            ----------  -------  ----------- -------------

Balance at December 31,
 2013                       35,944,750      359    5,293,772        (3,500)

Common stock issued for
 cash                          699,929        7      195,967             -

Common stock issued for
 services                      786,534        8      301,116             -

Common stock issued for
 conversion of debt            437,500        4      174,803             -

Common stock cancelled        (150,000)      (1)           1             -

Extinguishment of
 derivative liability on
 conversion of debt                  -        -       22,068             -

Beneficial conversion
 feature on warrants issued
 concurrent with
 convertible note                    -        -      355,530             -

Unrealized holding loss for
 available-for-sale-
 securities                          -        -            -             -

Net loss for the three
 months ended March 31,
 2014                                -        -            -             -
                            ----------  -------  ----------- -------------

Balance at March 31, 2014   37,718,713  $   377  $ 6,343,257 $      (3,500)
                            ==========  =======  =========== =============



                                           Accumulated
                                              Other           Total
                            Accumulated   Comprehensive   Stockholders'
                              Deficit         Loss           Equity
                           ------------  --------------  --------------

Balance at December 31,
 2012                      $   (860,106) $   (2,092,860) $      566,132

Common stock issued for
 services                             -               -         578,375

Common stock issued for
 cash                                 -               -         324,300

Common stock issued for
 deferred costs                       -               -          34,655

Common stock issued for
 interest on convertible
 notes                                -               -         302,153

Common stock issued for
 property                             -               -          18,750

Beneficial conversion
 feature                              -               -          48,300

Write off of derivative
 liability                            -               -          63,000

Accrued compensation
 forgiven by officers -
 contributed capital                  -               -         402,000

Unrealized holding loss for
 available-for-sale-
 securities                           -        (100,905)       (100,905)

Net loss for the year ended
 December 31, 2013           (1,990,212)              -      (1,990,212)
                           ------------  --------------  --------------

Balance at December 31,
 2013                        (2,850,318)     (2,193,765)        246,548

Common stock issued for
 cash                                 -               -         195,974

Common stock issued for
 services                             -               -         301,124

Common stock issued for
 conversion of debt                   -               -         174,807

Common stock cancelled                -               -               -

Extinguishment of
 derivative liability on
 conversion of debt                   -               -          22,068

Beneficial conversion
 feature on warrants issued
 concurrent with
 convertible note                     -               -         355,530

Unrealized holding loss for
 available-for-sale-
 securities                           -             (65)            (65)

Net loss for the three
 months ended March 31,
 2014                          (745,557)              -        (745,557)
                           ------------  --------------  --------------

Balance at March 31, 2014  $ (3,595,875) $   (2,193,830) $      550,429
                           ============  ==============  ==============

  The accompanying notes are an integral part of these unaudited condensed
                     consolidated financial statements.


                        Cardinal Energy Group, Inc.
              Condensed Consolidated Statements of Cash Flows
                                (unaudited)


                                                 For the Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------

CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                       $   (745,557) $   (460,205)
  Adjustments to reconcile net loss to net cash
   used in operations:
    Depreciation                                        5,854         1,751
    Accretion                                           4,296           219
    Amortization of debt discount                      21,419         1,863
    Amortization of pre-paid debt issuance costs        7,131             -
    Stock based compensation                          168,162       271,875
    Loss on settlement of debt                         76,581             -
    (Gain) on change in fair value of derivative
     liability                                        (10,460)      (25,161)
  Changes in operating assets and liabilities:
    Accounts receivable - related party                     -        16,978
    Prepaid expenses                                   (5,220)            -
    Accounts receivable                               (10,103)            -
    Other assets                                      (54,350)            -
    Accopunts payable and accrued expenses            (70,748)       68,587
    Accounts payable - related party                        -        (2,974)
                                                 ------------  ------------

      Net Cash Used in Operating Activities          (612,995)     (127,067)
                                                 ------------  ------------


CASH FLOWS FROM INVESTING ACTIVITIES
    Cash paid on note receivable                            -             -
    Purchase of property and equipment                (24,221)       (2,940)
    Purchase of oil and gas properties               (855,326)            -
                                                 ------------  ------------
    Sale of oil and gas properties                          -             -
                                                 ------------  ------------

      Net Cash Used in Investing Activities          (879,547)       (2,940)
                                                 ------------  ------------

CASH FLOWS FROM FINANCING ACTIVITIES

    Proceeds from notes payable - related party             -        22,500
    Stock issued for cash                             195,975             -
    Net proceeds from convertible notes payable     2,838,000       186,000
    Repayment of convertible notes payable           (414,500)            -
    Proceeds from short-term notes payable            171,000             -
    Repayment of notes payable -related party               -       (80,500)
                                                 ------------  ------------

      Net Cash Provided by Financing Activities     2,790,475       128,000
                                                 ------------  ------------

NET INCREASE (DECREASE) IN CASH                     1,297,933        (2,007)
CASH AT BEGINNING OF PERIOD                            18,694         3,460
                                                 ------------  ------------

CASH AT END OF PERIOD                            $  1,316,627  $      1,453
                                                 ============  ============


  The accompanying notes are an integral part of these unaudited condensed
                     consolidated financial statements.


                        Cardinal Energy Group, Inc.
        Condensed Consolidated Statements of Cash Flows (Continued)
                                (unaudited)


                                                 For the Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
 INFORMATION:

  CASH PAID FOR:
    Interest                                     $     14,812  $          -
    Income Taxes                                 $          -  $          -

  NON-CASH INVESTING AND FINANCING ACTIVITIES:
    Unrealized gain (loss) on AFS securities     $        (65) $   (107,800)
    Reduction in note payable for reduction in
     purchase price of oil properties            $     60,000  $          -
    Extinguishment of derivative liability on
     conversion of debt                          $     22,068  $          -
    ARO estimate on assets purchased             $    143,303  $          -
    Related party debt issued for cash bond      $          -  $     20,000
    Debt discount from beneficial conversion
     feature                                     $          -  $     26,050
    Common stock issued for prepaid services     $    222,600  $          -
    Common stock issued for conversion of debt   $    174,807  $          -
    Beneficial conversion feature on warrants
     issued concurrent with convertible note     $    355,530  $          -
    Common stock issued for oil and gas
     properties                                  $          -  $     18,750


  The accompanying notes are an integral part of these unaudited condensed
                     consolidated financial statements.

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