Recent Independent Report Suggests Value of Capital City Energy Group Inc. (CETG.OB) Oil and Gas Reserves Increased by 50% in Latest Quarter
Capital City Energy Group Inc. (CETG.OB) is a rapidly expanding energy company whose 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. The company has named their strategy the “Triad” business model, and this tripartite model consists of: fund management, principal investments, and strategic acquisitions of energy-related companies.
Capital City Energy recently announced results from an independent reserve report conducted by a leading petroleum engineering company, James Engineering, Inc. The aim of the report was to value the company’s proven oil and gas reserves. The report concluded that the value of the company’s reserves increased by nearly 50% during the 2nd quarter of 2008. The evaluation was conducted on the company’s 178 producing properties located in 14 states.
Capital City Energy CEO Timothy W. Crawford said, ” are pleased that we were able to double the value of our reserves, despite the fact that we are in the early stages of proving up the oil and gas assets on our properties. This reserve report will enhance our financial flexibility and validates our strategy of low-risk exploration and production activities that will deliver near-term revenue.”
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