Capital City Energy Group, Inc. (OTCBB: CETG)
or “Capital City” announced today that the Company’s Chief Executive
Officer Timothy Crawford has entered into a 10b5-1 plan under which he
is scheduled to conduct open market purchases of the Company’s common
stock throughout 2009. Mr. Crawford entered into a similar program to
purchase Capital City’s shares during 2008. He also elected to work
throughout 2008 without receiving any salary in either cash or stock.
“I continue to believe that Capital City’s stock is undervalued,” said
Mr. Crawford. “In less than one year since the Company has gone public,
it has significantly increased its asset base in prolific oil and gas
areas such as the Appalachian Basin and the Barnett Shale in the Ft.
Worth Basin. The Company also recently concluded the acquisition of
Hotwell Services, which should dramatically increase its services
revenue. As a result, I feel that the Company is well positioned to grow
revenue and cash flow substantially this year.”
SEC Rule 10b5-1 allows executive officers or board members of public
companies to adopt pre-arranged stock trading plans when they are not
aware of any material nonpublic information about the company. These
plans permit executive officers or board members to purchase or sell
shares out over an extended period of time rather than only carrying out
sales during limited trading “windows” following public earnings and
other disclosures.
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 has evolved 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 and natural gas
companies, which is publicly-traded. Its strategy is to continue to grow
a portfolio of core areas which provide growth opportunities through
drilling, operating, oil field service companies, acquisitions and fund
management.
"Investing in America's Energy Future"™
Visit Capital City Energy Group at http://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.
Capital City Energy Group, Inc.
Tim Crawford, 614-310-1614
tcrawford@capcityenergy.com
