Capital City Energy Group's Chief Executive Officer Agrees to Forego 2008 Salary and Bonus

Capital City Energy Group's Chief Executive Officer Agrees to Forego 2008 Salary and Bonus

COLUMBUS, Ohio--(BUSINESS WIRE)--Capital City Energy Group, Inc. (OTCBB: CETG) announced today that its Chief Executive Officer Timothy W. Crawford has elected to forego his salary and any stock-based compensation for 2008. As a result, he will receive no cash or stock compensation earned during 2008. He remains the Company's largest beneficial owner of shares.

"Since we have become public, the Company has made substantial progress in building both the exploration, production and energy services businesses," said Mr. Crawford. "We have also incurred additional costs as a public entity that we did not have as a private company. As the Company's largest shareholder, I felt it was appropriate to help defray some of these expenses by eliminating my compensation this year, in order to enhance Capital City's earnings. Increased earnings directly affects the value of the shares."

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 that 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 busin
 ess 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.

Contact:
CEOcast, Inc. for Capital City Energy Group, Inc.
Daniel Schustack, 212-732-4300

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Received on Thu Aug 14 2008 - 01:45:56 EDT