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We would like to highlight Capital City Energy Group Inc. (OTCBB: CETG). The company 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 that provide growth opportunities through grass-roots drilling, operating, service companies, acquisitions and fund management.
In the company’s news yesterday,
Capital City Energy Group Inc. announced the acquisition of an interest in the prolific Fayetteville Shale in Arkansas. This acquisition allows the company to participate in the drilling of more than 30,000 acres, adding to its previous participation with 29 producing wells on the properties. Drilling activity has increased between 8 and 10 new producing wells per month, generating more than 1 million cubic feet per day of natural gas production.
“We are excited to have gained exposure to this high potential play,” Capital City CEO Timothy W. Crawford stated in the press release. “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.”
Crawford said the Fayetteville Shale gives the company the potential it needs to further its evolution process. “With production increasing rapidly, we believe that the play could be a promising source of revenue,” Crawford stated.
The Fayetteville Shale is comparable to the Texas Barnett Shale formation, boasting thickness of the producing shale zones ranging from approximately 50 feet to more than 600 feet; natural gas in place is estimated between 58 billion and 65 billion cubic feet per square mile.
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