Concho Oilfield Services, LLC and Hudson Petroleum, Ltd., Co., have asked the court to dismiss their claims against Cardinal Energy Group, which allows Cardinal to clean up their balance sheet and fix existing wells.

Dublin, OH -- (SBWire) -- 07/03/2015 --Cardinal Energy Group, Inc. (OTCQB: CEGX) ("Company") is pleased to announce that the attorneys for Concho Oilfield Services, LLC and Hudson Petroleum, Ltd., Co., have asked the court to dismiss their claims against the Company with prejudice. The motions filed with the Texas District Court for Shackelford County discharges Cardinal of its obligations pursuant to the March 10, 2015 Joint Settlement Agreement. The amicable settlement of the suit requires Concho Oilfield Services to repair CEGX's No. 5B well on the Dawson-Conway 195B lease.

Timothy Crawford, CEO the Company comments, "This is good news on several fronts. First, the $100,000 payment cleans up our balance sheet by removing the obligation we accrued at December 31, 2014 in keeping with generally accepted accounting principles. Second, our payment and the motion filed with the court set the stage for Concho to begin the work necessary to repair the #5B well and get it producing again on our Dawson-Conway lease. That 195B #5B well was one of our best producers on the Dawson-Conway Lease, before Concho performed work on the well in February of 2014. Returning it to production is a critical first step in the Company's efforts to fully monetize this property".

Cardinal Energy Group http://www.cardinalenergygroup.com

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 headquartered in Abilene, Texas and has its regional operations office located in Albany, Texas. We are an environmentally responsible oil and gas Company. 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 threefold – 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, or it must be an overlooked or distressed prospect in the explosive shale formations like the Permian Basin or Eagleford shale. 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: http://www.cardinalenergygroup.com

Contact details:

John May
Executive VP
Cardinal Energy Group, Inc.
jmay@cegx.us
United States
http://www.cardinalenergygroup.com
325-762-2112