COLUMBUS, Ohio--(BUSINESS WIRE)--Capital City Energy Group, Inc. (OTCBB: CETG) (“Capital City”) announced today that Saber Exploration Pty Limited (“Saber”), a leading Botswana-based exploration and development company, has selected Eastern Well Services, LLC (“Eastern”) to provide engineers for Saber’s project in Botswana, Africa. Eastern Well Services is a wholly owned subsidiary of Capital City.
Eastern will support Saber’s exploration and development activities surrounding coal bed methane prospects in the country, and will provide other support services such as onsite supervision of drilling operations, assistance with surface hole selection, engineering services and other customary support services.
“We are pleased to have been selected for these high-profile exploration and development activities in Botswana,” said Daniel Coffee, Chief Operating Officer of Capital City. “Eastern is quickly developing a reputation for helping emerging energy companies, and we look forward to deploying our team of engineers to the project. With energy prices near record levels, companies both domestically and internationally continue to look for new exploration venues to capitalize on rising demand, making us the ideal partner.”
Eastern is Capital City’s oilfield services company which plans to operate in many of the significant oil and natural gas producing regions of the United States, providing oil and natural gas companies with wireline, fracturing, logging and testing services. We plan to compete with our larger peers by offering technologically advanced equipment and services at competitive prices and highly responsive customer service.
Capital City recently went public through the merger with a publicly traded company. For the fiscal year ended 2007, Capital City had revenue of approximately $2.9 million, and EBITDA, a non-GAAP measure, of $1.9 million.
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
Contacts
CEOcast, Inc. for Capital City Energy Group, Inc.
Daniel Schustack, 212-732-4300