Capital City Energy Group, Inc. (OTCBB: CETG), a diversified
energy company, released its financial results for the first
quarter of 2008. Revenue was $561,065 and net income rose to
$111,022 during the first quarter of 2008 compared to
revenue of $700,148 and a net loss of $9,836 recorded during
the first quarter of 2007. Lower interest expense combined
with a net gain on sale of assets helped boost net income
over the same period in 2007. Total net oil and gas
production realized from principal investments was 33,892
MCF of natural gas and 4,798 barrels of oil during the first
quarter of 2008. Shares fell by $0.25 for the week, to close
at $2.50.
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