Cardinal Resources plc (“Cardinal” or “the Company”), an independent investing company, today provides a quarterly update.

Successful Completion of the Transaction

Following a US$4.05 million investment (the “Transaction”) in Condor Exploration Inc. ("Condor"), satisfied in cash as to US$3.2 million and by the contribution of Cardinal Hunton LLC, a wholly owned subsidiary of the Company in exchange for 162,000 shares of class A common stock in Condor, Cardinal thereby increased its equity interest in Condor to 54.87%. Current corporate and ownership structure is available on this website.

The term loan facility made by Fourth Third, LLC ("Fourth Third") to Condor was increased from US$10 million to US$35 million (the “Term Loan”) which should ensure that sufficient financing is available to execute the proposed work program for the next 12-18 months.

As previously announced, Cardinal made an initial US$600,000 investment to acquire a 60% participation in a Hunton gas de-watering play in central Oklahoma (the “North Fork Project”) to acquire oil and gas leases covering up to 50,000 net acres. Subsequently Cardinal entered into an agreement with Legacy Energy, LLC ("Legacy") to sell on or before 15 August 2008 one-third of the interest originally acquired by Cardinal, by paying Cardinal US$666,666.67 and by paying on behalf of Cardinal and Legacy US$5 million as the initial instalment of pilot program drilling funds in the event that Cardinal is not able to satisfy its capital obligations. It’s presently Cardinal’s intention to satisfy such capital obligations and retain its 60% interest in the North Fork Project. Thereafter, each of Cardinal and Legacy would be separately responsible for its respective ongoing working interest expenses, as to 40% for Cardinal and 20% for Legacy.

Appointment of Non-Executive Directors

Following completion of the Transaction, the appointment of Mr Larry Schafran and Mr Andrew Fentress as non-executive directors of Cardinal became effective.

The Board looks forward to the valuable contribution new members will make to the Company.

Mr Larry Schafran was appointed as Chairman of the Audit committee and Mr Fentress as a member of the Audit committee. Mr Schafran was also appointed a member of the Remuneration committee.

Director in the Holdings Company

Mr Schafran, non-executive director of Cardinal, purchased 845,000 ordinary shares of Cardinal (“Ordinary Shares”) at a price of 3p per share on 27 June 2008. Mr Schafran’s total holding in the Company now equals 1,465,000 Ordinary Shares, or 1% of the issued Ordinary Share capital.

Mr Schafran is currently a Managing Director of Providence Capital Inc, a company which has an interest in 3,480,000 Ordinary Shares, representing 2.28% of the issued Ordinary Share capital.

Capital Structure & Shareholder Information

Following completion of the Transaction, Cardinal has 152,554,109 Ordinary Shares outstanding.