City Capital had a vision and a clear plan that impressed us. When you can couple the financial and management strength of a City Capital, with the Goshen Team's extensive oil and gas industry knowledge, we are better positioned than many companies to take full advantage of current and future energy needs.
Mendota Heights, MN (PRWEB) January 18, 2007
Today City Capital Corporation (OTCBB CCCN) announced the final consummation of its acquisition of the petroleum and natural gas assets of Dallas-based Montreal Beneficial, Inc., a group with over 100 years experience in oil and gas operations. Closing date is set for February 1, 2007.
Goshen Energy, Inc., a Nevada corporation, was created for this transaction, the timing of which was delayed until after the Company had withdrawn from status as a Business Development Company. "Goshen" will engage in the buying, selling & drilling of oil & gas properties in South Louisiana, and mineral leases in the Northern portion of the Ft. Worth Basin Barnett Shale Play.
Through this acquisition, Goshen owns 100 percent working interest in a West Delta gas producing offshore platform in Louisiana.
Ephren Taylor, CEO and Director of City Capital Corporation (OTCBB CCCN) said, "This is not a 'seek and find' acquisition; this is a proven, producing well with substantial reserves. Our company is focused on leveraging investments, holdings and other assets to build value for investors and shareholders, while creating positive changes in communities nationwide. Based on worldwide economics and energy supplies, the energy marketplace should continue to increase in demand and value." Taylor recently signed a $50,000,000 equity line agreement with Rochester-based Lucien Group, allowing the company to focus more on growth industry acquisitions such as Montreal Beneficial.
Mr. Taylor is the youngest African American CEO of any public company in history. Taylor gives much of the credit for City Capital's success to his "Expert Teams" concept, which forms the backbone of the company's successful programs.
Harvey Lynch, General Manager for Goshen, echoed this, "We've put together a really impressive 'Expert Team' by any standard: Montreal Beneficial brings over 100 years-plus expertise in oil and natural gas. This is truly a winning combination." Mr. Lynch himself has some 30 years experience in oil & gas industry capital management, as well as operational management.
Montreal Beneficial President & CEO Terry Wilson added, "City Capital had a vision and a clear plan that impressed us. When you can couple the financial and management strength of a City Capital, with the Goshen Team's extensive oil and gas industry knowledge, we are better positioned than many companies to take full advantage of current and future energy needs."
Montreal Beneficial, Inc., together with its wholly owned subsidiary Matador Energy, LLC was formed in September of 2000 to acquire existing oil and gas properties in South Louisiana and mineral leases in the Northern portion of the Ft. Worth Basin Barnett Shale Play.
City Capital Corporation (OTC:CCCN) is engaged in leveraging investments, holdings and other assets to create self-sufficiency for communities around the country and the world. City Capital currently manages diverse assets and holdings including real estate developments, such as the Kansas City (Missouri) Historic Jazz District redevelopment; buying, selling & drilling of oil & gas properties, and more.
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-K 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.
City Capital Corporation (OTCBB:CCCN)