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Hotwell is expected to generate an additional USD2m in gross revenue per month and USD700,000 per month in net cash flow for 2009, based on current projections.
Capital City Energy Group said that this acquisition establishes the company as a preferred provider of horizontal logging and well completion services, the optimal method of hydrocarbon extraction for the Marcellus Shale natural gas play.
The company plans to launch four additional bases of field services operations in the Appalachian Basin during fiscal year 2009 to service the backlog of existing clients as well as previously announced E&P activities.
In conjunction with the acquisition Joseph Sites, founder of Hotwell Services, was elected as executive vice president of Capital City Energy Group Inc. He has also been named to the latter's board of directors and will remain president of Hotwell Services Inc, which will continue to operate under its current name.
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