CETG.OB is Seeking to Make Great Strides
Capital City Energy Group, Inc. (OTCBB: CETG) is a diversified oil and natural gas company that operates through three divisions to progress from a design management and sponsor of retail energy programs, to one of the few vertically integrated independent oil and natural gas companies. The company recently announced that they have applied for listing their shares of common stock on the American Stock Exchange LLC (AMEX), as well as made public that they have taken full interest in the prolific Fayetteville Shale located in Van Buren and Cleburne Counties in Arkansas.
Although no assurance can be given that the company’s common stock will be accepted for listing, Capital City Energy believes that they meet the quantitative standards for original listing under the standards listed in the Amex Company Guide. The company’s management team is fully aware of the significance of being listed on AMEX, “The submission of our application to the AMEX is an important step in gaining greater exposure in the investment community,” stated Capital City CEO, Timothy W. Crawford. He continued, “We believe that the listing of our common stock on the AMEX will enhance shareholder liquidity and value, building on the Company’s accomplishments in the short time it has been public.”
The Fayetteville Shale is located in northern Arkansas and is an unconventional natural gas resource which has similar characteristics to the Texas Barnett Shale formation. The thickness of the producing shale zones range from approximately 50 feet to more than 600 feet, and natural gas in place is estimated between 58 and 65 billion cubic feet per square mile. Currently, the company is actively drilling on more than 30,000 acres within these counties. Drilling activity is increasing at the rate of 8 to 10 new producing wells per month, with production from the wells averaging over 1 million cubic feet per day of natural gas production.
Mr. Crawford stated, “The Fayetteville Shale has quickly developed into a large unconventional gas resource and has attracted national attention due to the success in the area of such prominent energy firms as Chesapeake Energy and Southwestern Energy Company. With production increasing rapidly, we believe that the play could be a promising source of revenue.”
