Cardinal Energy Group, Inc. (OTCPK:CEGX) (‘Cardinal’) agreed to acquire certain assets of EOI Eagle Operating Inc. (‘Eagle’) on March 17, 2017. Cardinal will issue 1 million shares of its Series B preferred stock to Eagle upon the execution of the final definitive agreement. The Series B preferred stock can convert into 10% of the issued and outstanding common stock of Cardinal. The transaction will be funded through the placement of 4.6 million Series D Preferred stock. On April 18, 2017, a definitive agreement was signed pursuant to which Cardinal will issue as consideration for the purchase an additional 1 million shares of the Series B Preferred stock and a note for $25,000. On April 20, 2018, Cardinal completed the acquisition. Paul Carlisle, President and owner of Eagle, will be appointed by Cardinal Board of Directors to the position of President and Chief Operating Officer of Cardinal. Cardinal Energy Group, Inc. (OTCPK:CEGX) (‘Cardinal’) terminated the completed acquisition of certain assets of EOI Eagle Operating Inc. on May 18, 2018. The termination follows the inability of Cardinal to pay the $250,000 owed to Eagle under the agreement. Pursuant to the termination, the note for $250,000 that was issued in favor of Eagle, along with Paul Carlisle’s employment and any amounts due to him were also terminated. In exchange, Cardinal permitted Eagle to retain ownership of 2 million shares of Series B Preferred stock and further agreed to issue to Eagle an additional 250,000 shares of our Series D Preferred Stock.