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Capital City Enters into 20 Well Drilling Program With Leading Regional Energy Company

Posted on: Tuesday, 28 October 2008, 09:00 CDT

Capital City Energy Group Inc. (OTCBB: CETG) announced today that it has entered into a 50-50 joint venture with a leading regional energy company under which the parties will drill and complete 20 wells in the Allegheny National Forest, a prolific area for oil and natural gas. The wells are expected to be completed within the next 30 days, with initial oil and natural gas production to begin by the end of the year. Based upon current energy prices, Capital City expects its 50 percent share of the production will generate revenue in excess of $2 million during the next 12 months.

"We are excited to work with this leading regional energy company to capitalize on the opportunity for immediate production in this area which has produced a significant amount of production from other wells in same field," said Timothy Crawford, Capital City's Chief Executive Officer. "We believe this initial joint venture arrangement will lead to a 60 well drilling program next year as we expand our relationship with this highly successful energy company."

About Capital City Energy Group, Inc.

Based in Columbus, Ohio, Capital City 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 which provide growth opportunities through grass-roots drilling, operating, service companies, acquisitions and fund management.

"Investing in America's Energy Future"

Visit Capital City Energy Group at www.capcityenergy.com.

Safe Harbor Statement

Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of our officers and directors during presentations about our energy funds, along with Capital City Energy Group's filings with the Securities and Exchange Commission, including the Company's registration statements, quarterly reports on Form 10-Q and annual report on Form 10-KSB, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects", "anticipates", "intends", "plans", "could", "might", "believes", "seeks", "estimates" or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by the Company's management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about Capital City Energy Group, its technology, economic and market factors and the industries in which the Company does business, among other things. These statements are not guarantees of future performance and Capital City Energy Group, Inc. undertakes no specific obligation or intention to update these statements after the date of this release

Source: Business Wire

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