Capital City Enters into 20 Well Drilling Program with Leading Regional Energy 

Tuesday October 28, 8:00 am ET 

Production Expected to Commence in November 

COLUMBUS, Ohio--(BUSINESS WIRE)--Capital City Energy Group Inc. (OTCBB: CETG - 
News) announced today that it has entered into a 50-50 joint venture with a 
leading regional energy company under which the parties will drill and complete 
20 wells in the Allegheny National Forest, a prolific area for oil and natural 
gas. The wells are expected to be completed within the next 30 days, with 
initial oil and natural gas production to begin by the end of the year. Based 
upon current energy prices, Capital City expects its 50 percent share of the 
production will generate revenue in excess of $2 million during the next 12 

"We are excited to work with this leading regional energy company to capitalize 
on the opportunity for immediate production in this area which has produced a 
significant amount of production from other wells in same field," said Timothy 
Crawford, Capital City's Chief Executive Officer. "We believe this initial 
joint venture arrangement will lead to a 60 well drilling program next year as 
we expand our relationship with this highly successful energy company."

About Capital City Energy Group, Inc.
Based in Columbus, Ohio, Capital City is a diversified oil and natural gas 
company with three separate divisions. Capital City is evolving from being an 
innovative leader in the design, management and sponsorship of retail and 
institutional direct participation energy programs to become one of the few 
vertically integrated independent oil & natural gas companies. Their strategy 
is to continue to grow a portfolio of core areas which provide growth 
opportunities through grass-roots drilling, operating, service companies, 
acquisitions and fund management.

"Investing in America's Energy Future"
Visit Capital City Energy Group at

Safe Harbor Statement
Investors and readers are cautioned that certain statements contained in this 
document, as well as some statements in periodic press releases and some oral 
statements of our officers and directors during presentations about our energy 
funds, along with Capital City Energy Group's filings with the Securities and 
Exchange Commission, including the Company's registration statements, quarterly 
reports on Form 10-Q and annual report on Form 10-KSB, are "forward-looking" 
statements within the meaning of the Private Securities Litigation Reform Act 
of 1995 (the "Act"). Forward-looking statements include statements that are 
predictive in nature, which depend upon or refer to future events or 
conditions, which include words such as "expects", "anticipates", "intends", 
"plans", "could", "might", "believes", "seeks", "estimates" or similar 
expressions. In addition, any statements concerning future financial 
performance (including future revenues, earnings or growth rates), ongoing 
business strategies or prospects, and possible future actions, which may be 
provided by the Company's management, are also forward-looking statements as 
defined by the Act. Forward-looking statements are based on current 
expectations and projections about future events and are subject to various 
risks, uncertainties and assumptions about Capital City Energy Group, its 
technology, economic and market factors and the industries in which the Company 
does business, among other things. These statements are not guarantees of 
future performance and Capital City Energy Group, Inc. undertakes no specific 
obligation or intention to update these statements after the date of this 

Capital City Energy Group
Tim Crawford, 614-310-1614


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