Capital City Energy Group Inc. (CETG.OB) Oil & Gas Reserves Jump 50% in Q2
Source: http://Blog.QualityStocks.net/?p=11620Posted on Thursday, August 7th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Capital City Energy Group Inc. is a diversified oil and natural gas company operating 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. In a move such as this, it is vital the company secure proven oil and natural gas reserves.
The company today announced results from a report conducted by independent petroleum engineering firm, James Engineering Inc., to gauge Capital City’s reserves. According to the report, the company’s reserves rose nearly 50 percent in the past quarter.
Capital City said that the positive report will assist the company in financial endeavors and builds confidence in its operations.
“We 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,” Capital City CEO Timothy W. Crawford stated in the press release. “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.”
The report includes an evaluation of the company’s 178 producing properties scattered across 14 U.S. states. Given that the report was based on a conservative pricing model, the news gives the company the secure footing needed to move forward with its business plan.
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