Cardinal Energy Group, Inc. (OTCPK:CEGX) entered into purchase and sale agreement to acquire oil and gas rights, interests and assets of Rig Services, LLC on July 24, 2017. Under the terms of consideration, Cardinal Energy issued 2 million shares of Series B preferred stock and a note for $0.25 million. Upon termination of the transaction, Rig Services will retain ownership of the 2 million shares of series B preferred stock issued and Cardinal Energy will issue an additional 0.25 million shares of our series D preferred stock. Michael Hill will be appointed as President of Rig Services. Cardinal Energy Group, Inc. (OTCPK:CEGX) cancelled the acquisition oil and gas rights, interests and assets of Rig Services, LLC on May 18, 2018.