The Barnett Shale Today

Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company’s exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under “Risk Factors” in the Company’s Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company’s other SEC filings. 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.

Gas companies know the competition game well. The price companies offer land owners is not just based on the price of natural gas, Robbins said. Gas drillers stir up opposition under the best of circumstances, because drilling is noisy, dirty and even dangerous. And because Chesapeake does so much work in urban areas, it creates more backlash than drillers in rural communities.

Statements regarding future production, revenue and cash flow are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, commodity price changes, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes and the potential lack of capital resources. Statements contained herein and the information incorporated by reference herein may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements can be identified by the use of forward-looking terminology such as, but not limited to, “may,” “will,” “expect,” “anticipate,” “estimate,” “would be,” “believe,” or “continue” or the negative or other variations of comparable terminology.

Oil production in two of the projects has already begun and initial drilling in the others will take place during the next year. Oil sales for the fourth quarter increased to 176 MBbls from 50 MBbls in the prior year?s period, an increase of 252%. For the year ended December 31, 2007, natural gas sales totaled 1,648 MMcf or 185% greater than the 577 MMcf sold during 2006.

Chesapeake Energy announces Haynesville shale discovery and seven other new unconventional discoveries and projects Co announces new natural gas discovery in the Haynesville Shale in Louisiana. In addition, the co announced two other new unconventional natural gas discoveries and five new unconventional oil projects. Chesapeake is negotiating with two homeowners for land along South Hills Avenue, a company spokesman said. Chesapeake would pay CISD another bonus at the end of the three-year term for all acreage not yet involved in gas production. In addition, the district would still receive ongoing royalties on any acreage yielding gas.

Chesapeake, which currently has 115 employees on two floors in the D.R. Horton building downtown, intends to move 300 to 400 workers into the top seven floors of the 20-story tower, said spokeswoman Julie Wilson.

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Tags: Barnett Shale, commodity price, cost estimates, currency fluctuations, dilution, exploration program, exploration results, exploratory stage, feasibility studies, including without limitation, ksb, mineral deposits, mineral exploration, mineral resources, mining permits, price fluctuations, regulatory restrictions, sec filings, securities and exchange commission, speculative nature, unexpected costs

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