A binding agreement has been signed between Cardinal Energy Group Inc. and Kansas Petroleum Resources LLC (KPR) for the purchase of 100% of of KPR assets by Cardinal.
The assets include oil and gas leases covering 17,000 acres of land and other operational assets in the Pawnee and Hodgeman counties of Kansas.
Also included are 19 oil and gas wells producing oil from the Mississippian limestone, Lansing-Kansas City limestone, Cherokee sand, and Permian Chase Group.
Cardinal’s purchase of KPR will increase their oil production by 300 barrels a day.
The cost of the acquisition has not been disclosed.