(Source: Business Wire)
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.
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