Capital City Continues Successful Participation In Barnett Shale
Capital City Energy Group, Inc. has successfully participated in its fourth producing natural gas well drilled in the prolific Barnett Shale formation in central Texas. The horizontally drilled well located in Tarrant County was recently fracture stimulated and placed into production at an initial rate of 3.2 million cubic feet of natural gas per day. Capital City Energy Group has also participated in three additional horizontal wells located in Parker and Tarrant Counties, which have been successfully drilled and are awaiting fracture stimulation, after which they will be placed into production by the operator.
"We are very pleased with the results of our latest drilling participation venture in the Barnett Shale, and we're excited to have a foothold with a successful operator in the area," said Capital City Energy Group CEO Timothy Crawford. "The success we have had in this area is consistent with the Company's approach to participate in drilling ventures in areas with proven production that can generate significant cash flow for the Company. Given the robust environment for natural gas prices, our Company and its energy funds should benefit from production in this region for years to come."
Located near Fort Worth, Texas, the Barnett Shale has become one of the premier natural gas producing formations in the United States, estimated to hold some 39 trillion cubic feet of natural gas reserves. Total daily production from the Barnett Shale formation is estimated to exceed 3.5 billion cubic feet.