Capital City Energy Group, Inc. 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.”
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.