COLUMBUS, Ohio--(BUSINESS WIRE)--Capital City Energy Group, Inc. (OTCBB: CETG) or “Capital City” announced today that it has secured a $75 million revolving line of credit from FirstMerit Bank. Under the facility the Bank, which has served northeastern Ohio and Western Pennsylvania for more than 160 years, will provide the Company funding to support acquisitions and working capital for its energy projects. Capital City, which began making principal investments in 2003 in energy properties alongside the energy funds it managed, has commenced an aggressive acquisition and drilling program to become one of the few vertically integrated independent oil & natural gas companies.
“We are pleased to secure this credit facility that will provide us with the financial flexibility to expand on our existing portfolio of energy properties and to begin to actively drill many of our promising prospects,” said Timothy W. Crawford, Capital City’s Chief Executive Officer. “The Company has a strong management team, extensive experience in the energy business through years of successfully managing energy funds and proven capabilities in servicing other exploration and development companies to position itself for rapid growth through development of its own properties and acquisition of new locations.”
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
Company information distributed through the Market Access Program is based upon information that Standard & Poor’s considers to be reliable, but neither Standard & Poor’s nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
No comments:
Post a Comment