Cardinal Energy Group Inc (OTCBB:CEGX) Can’t Find Its Direction

[[tagnumber 0]][[tagnumber 1]]The last time we wrote about Cardinal Energy Group Inc (OTCBB:CEGX) was back in October last year when the company got some investor attention. Unfortunately, it was short–lived and [[tagnumber 2]]CEGX [[tagnumber 3]]returned to being a highly illiquid stock.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]The ticker moved through the charts in a similarly straight line, being quite stable through most of the first half of the year. In the second half of May, however, we saw [[tagnumber 2]]CEGX[[tagnumber 3]] begin to descend the charts. The reason was pretty obvious. On May 15 the company issued its report for the first quarter of the year which showed some disappointing results.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 13]] [[tagnumber 14]]cash: $58,602[[tagnumber 15]] [[tagnumber 14]]current assets: $687,731[[tagnumber 15]] [[tagnumber 14]]current liabilities: $6,908,946[[tagnumber 15]] [[tagnumber 14]]quarterly revenues: $22,463[[tagnumber 15]] [[tagnumber 14]]quarterly net loss: $1,463,917[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]The report shows a serious decrease in cash and current assets, as well as a massive increase in current liabilities. Revenues haven’t changed much, despite the fact that the company was announcing the expansion of its operations back in October last year. Meanwhile we see that the net loss has also increased compared to last year.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]In the midst of all this we can’t really consider the downward slide that followed the report a surprise. This Wednesday we saw [[tagnumber 2]]CEGX[[tagnumber 3]] make a significant drop out of nowhere. The company was neither touted, nor were there any news that suggested the 31.79% fall and the massive 1.7 million volume that was nearly 10 times the average.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]Yesterday, however, the company finally came out with a press release after almost a month of silence. [[tagnumber 2]]CEGX[[tagnumber 3]] updated the public on their progress at the Bradford A & B leases which led to some impressive results. The ticker gapped up at $0.065 and reached a high of $0.125. It couldn’t keep those levels and slid to a close at $0.075, or 37.61% higher than the previous day while 1.5 million shares changed their owners and generated $127 thousand in daily dollar volume.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]Today, however, the interest seems to be lost. There is a single trade and absolutely no percentile movement since the beginning of the session. It seems like there will be a very boring end of the week for [[tagnumber 2]]CEGX.[[tagnumber 3]][[tagnumber 4]]