Capital City Energy Group Provides Operational Update
Tuesday December 2, 9:26 am ET

COLUMBUS, Ohio--(BUSINESS WIRE)--Capital City Energy Group Inc. (OTCBB: CETG) 
provided an update on operations today, reflecting strong growth in production. 
Over the past quarter, the Company has increased its production and reserves. 
Total net oil and gas production generated by principal investments was 10,439 
barrels of oil and 63,136 thousand cubic feet (MCF) of natural gas for the 
first nine months of 2008, resulting in net revenue exceeding $2 million for 
the first nine months of 2008. The proved and producing reserves increased to 
more than $9,900,000.00 at the end of September. For the 2008 third quarter, 
oil and gas revenue increased to more than $760,000 from $28,000 in the same 
period one year ago.

Recently, Avanti Energy Partners an oil and gas operating company in the 
Appalachian Basin which is a wholly owned subsidiary of Capital City Energy 
Group acquired several thousand acres in Northeast, Ohio for numerous drilling 
programs. Avanti anticipates operating more than 250 wells within the target 
area and plans to complete 50 wells in 2009. Based on today's current natural 
gas prices and surrounding well-production data, 50 completed wells could 
generate gross revenues of $10 million in the first year of production.

"Our operating results reflect the efforts we have made to grow production, 
while increasing reserves to position the Company for future growth," said 
Timothy Crawford, CEO of Capital City. "Our focus on cost-effectively acquiring 
low-risk oil and gas assets should position the Company for 2009 and beyond."

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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