Capital City Energy Group (OTCBB: CETG) announced today that Hotwell
Services, its wholly owned subsidiary and a provider of oil filed
services in the Appalachian Basin, has significantly increased its cased
hole service activity in the Marcellus Shale, one of the most active
areas for natural gas exploration and production in the continental
United States. More than 800 wells are expected to be drilled in the
prolific Marcellus Shale in 2009, a projected increase of 400% from
2008. In this environment, the Company anticipates the opportunity to
rapidly grow its business by increasing its presence in the basin and
expanding its market share. Hotwell’s clients include many of the major
independent producer’s active in the Marcellus Shale play.
“Despite the significant decline in the price of natural gas, we
continue to see strong activity in the Marcellus Shale. The reason for
this increase may be from hedging and budgets that have already been
approved and the overall project economics of the Marcellus Shale play.
Hedged production ensures a strong pricing environment throughout 2009,”
said Joseph Sites, President of Hotwell Services, Inc. “Through our
extensive experience in servicing the major independents; we are well
positioned to capitalize on the strong activity in the area. Clients
have found that our equipment, personnel, service, quality, and safety
processes provide a very high value and reliable wireline service”
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 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.
Mark Ruffing, 614-310-1614
mruffing@capcityenergy.com
