Cardinal Energy Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, EBITDA (earnings before interest, taxes, depreciation and amortization) was $92,390 compared to $454,330 for the quarter ended September 30, 2014. Operating loss (operating revenues less operating expenses) was $344,964 compared to operating income of $233,819 recorded in the third quarter of 2014. The current periods' results were hampered by delays in the receipt of capital required for the development of the Bradford leases, which necessitated a cessation of operations during the third quarter of 2015. Operating results during the three month periods ended September 30, 2015 also reflect lower crude oil prices and lower production volumes due to mechanical down-hole problems and legal issues at some recently developed properties in north-central Texas.

For the nine months, EBITDA was negative $93,061 compared to a negative $1,130,059 for the comparable period of 2014. Operating loss narrowed to $716,366 from an operating loss of $1,305,638 for the comparable period of 2014. Operating results during nine month periods ended September 30, 2015 also reflect lower crude oil prices and lower production volumes due to mechanical down-hole problems and legal issues at some recently developed properties in north-central Texas.