Capital City Energy Group, Inc. (OTCBB: CETG) announced today that its
Chairman and Chief Executive Officer Timothy W. Crawford has resigned
from his position of Chief Executive Officer. Mr. Crawford will remain
Chairman of the Board of the company.
Mr. Daniel R. Coffee, the company’s President and Chief Operating
Officer, will assume Mr. Crawford’s responsibilities. “Our company is
well positioned for strategic growth in the energy sector,” said Mr.
Coffee. “The acquisition of Hotwell Services led by Joe Sites, its
President, places our Company in position to capitalize on the growth
opportunity offered by the rapidly increasing drilling activity in the
Marcellus Shale play, as well as the normal drilling activity in the
Appalachian Basin. We foresee a unique opportunity to grow organically
and to make strategic acquisitions.”
Hotwell Services is a wholly-owned subsidiary of Capital City Energy
Group which provides wireline and well completion services to the oil
and gas industry in Pennsylvania, West Virginia, New York and Ohio.
About Capital City Energy Group, Inc.
In addition to its four wholly owned subsidiaries; Avanti Energy
Partners, Eastern Well Services, Capital City Petroleum and Hotwell
Services, Capital City Energy Group (“CETG”) is a rapidly expanding
energy company. It is an innovative leader in the design, management and
sponsorship of retail and institutional direct participation energy
programs and one of the few vertically integrated independent oil &
natural gas companies operating today. CETG identifies and develops
growth opportunities through drilling, operating, oil field service
companies, acquisitions and fund management.
Capital City Energy Group, Inc. is traded under the stock symbol
“CETG“and is headquartered in Columbus, Ohio.
Visit Capital City Energy Group, Inc. 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 CETG's filings with the Securities
and Exchange Commission, including the CETG'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 CETG'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 CETG its technology, economic and
market factors and the industries in which CETG does business, among
other things. These statements are not guarantees of future performance
and CETG undertakes no specific obligation or intention to update these
statements after the date of this release.
For Capital City Energy Group, Inc.
Anthea Gifford, 614-310-1614
