Cardinal Energy Group has filed a lawsuit in the District Court of Shackelford County, Texas. Cardinal’s out-of-pocket damages as a result of the claims asserted in this lawsuit have been calculated at $1,735,765.

Dublin, OH -- (SBWire) -- 12/03/2015 --Cardinal Energy Group, Inc. ("Cardinal Energy" or "the Company") (OTCQB: CEGX) reports that the Company has been awarded a partial default judgement on August 5, 2015 based on a lawsuit it filed in the District Court of Shackelford County, Texas, 259th Judicial District, against HLA Interests, LLC, Phillip Allen, SEDCO Operating, LLC, ERCO Holdings, Ltd, Caleb David Elks, and Michael Cies dba Terlingua Oil Associates.

Timothy W. Crawford, CEO of Cardinal remarks, "Cardinal filed this lawsuit against the corporate defendants and the individual members in their personal capacities on June 3, 2015. The lawsuit stems from a Working Interest Purchase Agreement that Cardinal entered into on July 3, 2013 with Defendant HLA Interests (an oil and gas management company that owns and controls existing oil fields in Texas), pursuant to which Cardinal agreed to purchase from HLA Interests its 85% working interest in 5 oil and gas leases known as the Dawson-Conway Leases (the "Leases") in Shackelford County, Texas. Cardinal was fraudulently induced to enter into the Agreement by the defendants, who knew that 3 of the 5 Leases had expired prior to executing the Agreement."

Mr. Crawford further comments, "Cardinal's out-of-pocket damages as a result of the claims asserted in this lawsuit have been calculated at $1,735,765. Adding the claims for attorneys' fees, and other damages, including punitive damages as a result of the intentional fraudulent conduct, Cardinal's damages will exceed $2,000,000. Cardinal will be awarded, at a minimum, its out-of-pocket damages of $1,735,765, with a good possibility that the Court will also award attorneys' fees and punitive damages as a result of the defendants' conduct." The Company anticipates that a hearing on damages will be heard by the Court in the near future at which time the amounts for attorneys' fees, other costs and punitive damages will be quantified.

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

Cardinal Energy Group is a company comprised of specialized energy experts, with over 150 years of combined industry experience in oil and gas production.

Media Contact:
Cardinal Energy Group, Inc.
John May, Executive VP
Address: 500 Chestnut Street,Suite 1615,Abilene, Texas 79602
Contact Number: 325-762-2112
Email: jmay@cegx.us
Url: http://www.cardinalenergygroup.com