Cardinal Energy Group, Inc. Awarded Partial Default Judgment in Lawsuit

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

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.”

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