Capital City Energy Group Continues Expansive Natural-gas Drilling Operation in the Appalachian Basin Clinton Sandstone.COLUMBUS, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. -- Capital City Energy Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CETG CETG Civil Effects Test Group ) has announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Avanti Energy Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , will complete plans for a five-well natural gas drilling program in the fourth quarter and commence drilling in the first quarter of 2009. The drilling package will target the Clinton Sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz in the Appalachian Basin. The Clinton Sandstone is less than 4,000 feet deep and will be drilled on 20-acre spacing. The target area is surrounded by other wells currently in operation that have produced an average of approximately 35 million cubic feet of natural gas per well during their first year of production. Overall, the cumulative life of each well is expected to produce approximately 175 million cubic feet of natural gas. Avanti is currently working on securing a total of 2,000 to 3,000 acres in the target area. Avanti officials anticipate drilling and operating a total of 250 wells in the target area, completing 25 wells per year. Based on today's current natural gas prices and surrounding well-production data, 25 completed wells could generate gross revenues of $7.5 million in the first year. "Avanti has a unique combination of knowledge and experience in drilling in the Appalachian Basin, making this an exciting opportunity for Capital City Energy Group," said Timothy Crawford, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Capital City. "This comprehensive drilling program is expected to create wells with great potential production over the life of the well. "The economics of drilling wells in the Appalachian Basin combined with the high price of commodities make drilling in our own backyard very attractive." The Lower Silurian regional oil & gas located in the Appalachian Basin contains approximately 30 trillion cubic feet of recoverable gas resource. The Clinton and Medina sandstones are major contributors of the Lower Silurian. Since 1880, Clinton and Medina reservoirs have produced approximately 8.7 trillion cubic feet of natural gas and 400 million barrels of oil. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 Form 10-Q See 10-Q. and annual report on Form 10-KSB, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "Act"). Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ), 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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