|
Article Excerpt
M2 PRESSWIRE-6 January 2009-Stockwire.com: (OTCBB:CETG) Capital City Energy Group, Inc just released some important news.(C)1994-2009 M2 COMMUNICATIONS LTD
RDATE:06012009
(OTCBB:CETG) Capital City Energy Group, Inc - Capital City Energy Group Completes Acquisition of Hotwell Services Inc
A dedicated Chat Room for (OTCBB:CETG) Capital City Energy Group, Inc has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat ----------------------------------------------------------
Capital City Energy Group Completes Acquisition of Hotwell Services Inc.
(OTCBB:CETG) Capital City Energy Group, Inc.
Accretive Acquisition expected to be a significant contributor to 2009 Earnings
COLUMBUS, Ohio-Capital City Energy Group, Inc. or ?Capital City? announced that as of December 31, 2008 it has completed the acquisition of Hotwell Services Inc., or ?Hotwell? an emerging oilfield service company operating in the Appalachian Basin. Capital City purchased Hotwell for $5 million , through the issuance of 2.78 million shares of restricted common stock valued at $1.80 per share. Based on current projections, Hotwell could add an additional $2,000,000 in gross revenue per month and $700,000 per month in net cash flow for 2009.
The acquisition establishes CETG as a preferred provider of horizontal logging and well completion services, the optimal method of hydrocarbon extraction for the much publicized, domestic natural gas play, the Marcellus Shale. Most importantly, the management acquired through the acquisition of Hotwell are some of the Appalachian Basin?s most talented and respected field services professionals. The strategic purchase provides the requisite infrastructure to support the Company?s aggressive growth plan in the Appalachian Basin, and specifically in the prolific Marcellus Shale formation, through its locations in Delmont, Pennsylvania and Clarksburg, West Virginia. The Company anticipates launching...
|
|
More articles from M2 Presswire
Chinese Markets for Polyurethane Coatings., January 06, 2009
Amgen IMS Company Profile, 2008 Gives You The Authoritative Insight In..., January 06, 2009
(OTCBB:GERS) Greenshift Corp just released some important news., January 06, 2009
The Dairy Market - Global Trends and Innovation Provides Detailed Anal..., January 06, 2009
MindBranch announces the addition of a new report titled "Meeting With..., January 06, 2009
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
|
