City Capital Corporation sees opportunities where others see risk and they are ready to generate some revenue with their off shore gas well coming on line Wednesday and their onshore oil well anticipated to come on line in thirty to forty-days.
City Capital has purchased an onshore oil rig with associated rights in LaFourche Parish, Louisiana. (Link here for map of La Fourche.) You will recognized La Fourche as the southern most point in Louisiana. This area greeted Katrina. This oil rig and the associated rights were owned by the same consortium that owned West Delta, the offshore gas rig City Capital purchased. This consortium threw in the towel after Katrina. Once again, as in the case of West Delta, City Capital hired Kimbrell and Associates from Baton Rouge, Louisiana, to evaluate the oil reserves in place.
Kimbrell and Associates, who are fully certified members of the American Institute of Professional Geologists, and William Clay Kimbrell, P.E., C.P.G. a registered professional engineer made an astounding determination that more than made the risk associated with future hurricanes worthwhile.
Kimbrell and Associates certified the reserves for the Raceland Field in La Fourche Parish to have certified oil reserves of over 600,000 barrels of crude. Through its subsidiary City Capital purchased an 82% working interest in the well and equipment for $1,200,000 in cash. The property includes an additional 40 acres of mineral lease rights for future exploration.
City Capital is working on upgrading this property and and it is expected to come on line in 35 – 40 days. The pump required a new electric engine. There is the possibility of some downhole work but that has yet to be determined.
City Capital through Harvey E. Lynch is monitoring and supervising this project.
City Capital manages its fund by having no paid employees. All staff requirements are performed through contracts with other entities.
Stay tuned as we examine the alternative energy business that has caught City Capital’s eye.
Source: CCCN
Officers: Ephren Taylor, CEO
Gary Borglund, President/CFO/Secretary
CCCN — City Capital Corp.
2535 Pilot Knob Road
Suite 118
Mendota Heights, MN 55120
Website: http://www.citycapitalcorp.net/
Phone: (651) 452-1606
Fax: 651-452-5828
Forward Looking Statement: This release contains “forward-looking statements” based on current expectations but involving known and unknown risks and uncertainties, including those described in the Company’s annual report on Form 10-KSB for the year ended December 31, 2005, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. The Company’s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of, acquisitions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate. The Company makes no undertaking to update such forward-looking statements.
StockGuru.com is owned and operated by Pentony Enterprises LLC, 9555 Lebanon Road, Suite 103, Frisco, Texas 75035. Telephone: (469) 252-3030. Web: StockGuru.com. Email: Publisher@stockguru.com. Disclosure: Pentony Enterprises LLC was compensated $12,500 directly from the company for profile coverage. Pentony Enterprises LLC is not a registered investment adviser or broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site are suitable or advisable for any person or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
Disclosure: StockGuru.com is owned and operated by Pentony Enterprises LLC,9555 Lebanon Road, Suite 103, Frisco, Texas 75035. Telephone: (214) 458-4258. Web: StockGuru.com. Email: Publisher@stockguru.com.
City Capital Corp.
Symbol: CCCN-U (C000046676)
City Capital -NASB – CCCN-U
Exchange: NASB
CUSIP: 17776P100
S&P GICS:
Sector: SEDOL: B0536D8