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 www.capcityenergy.com. 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 release Contact: Capital City Energy Group Tim Crawford, 614-310-1614 [EMAIL PROTECTED] (UNSUBSCRIBE INFORMATION) To unsubscribe (opt out) of mailing lists from Investor Relations, click the following URL: http://imailerexpress.ibeamsolutions.com/optout.aspx?c=125636&r=653232
