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Capital City Energy Acquires Interest in Fayetteville Shale

Posted on: Thursday, 24 July 2008, 09:01 CDT

Capital City Energy Group, a diversified oil and natural gas company, has acquired an interest in the Fayetteville Shale, a non-conventional reservoir, located in Van Buren and Cleburne Counties in Arkansas.

The company has said that it is participating in drilling activity on more than 30,000 acres in these counties. To date, Capital City has participated in drilling 29 producing wells on the properties. Drilling activity is increasing at the rate of eight to 10 new producing wells per month. The producing wells average over one million cubic feet per day of natural gas production.

Timothy Crawford, CEO of Capital City Energy, said: "We are excited to have gained exposure to this high potential play. 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."

Located in northern Arkansas, the Fayetteville Shale 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.

Source: Datamonitor

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