SOURCE: City Capital Corp.

April 11, 2007 07:00 ET

City Capital's Goshen Subsidiary Strikes Oil in New Acquisition

NEW ORLEANS, LA -- (MARKET WIRE) -- April 11, 2007 -- City Capital Corporation (OTCBB: CCCN) announced its wholly owned subsidiary, Goshen Energy Resources, has entered into a purchase agreement for an 82% stake in a producing oil well. Located in the Raceland Field of Lafourche Parish, Louisiana, the Raceland well has certified oil reserves of over 600,000 barrels of crude, according to a Reserve Study by the engineering firm Kimbrell & Associates. Goshen Energy is purchasing 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.

Goshen Energy Resources has identified several key areas to enhance production and maximize profits, and will immediately begin upgrading the property as soon as the transaction is complete.

Harvey Lynch, President of Goshen Energy, said, "This acquisition represents City Capital's commitment to expanding its energy assets as a major component of the company's exceptional growth. As with our original West Delta gas producing offshore platform, the Raceland well is a proven reserve, and has a history of stable production of oil on a daily basis."

City Capital CEO Ephren W. Taylor II added, "Raceland represents exactly the kind of project that City Capital is focused on, acquiring and developing underperforming assets in a multitude of industries. We hold a strong belief that the demand for U.S. produced energy is going to continue to increase in light of international events."

Goshen Energy is engaged in the buying, selling & drilling of oil & gas properties in South Louisiana.

About City Capital

City Capital Corporation (OTCBB: 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 ranging from large scale real estate developments, such as the Kansas City (Missouri) Historic Jazz District, to approximately 8 billion cubic feet of producing West Delta gas reserves and more. The company recently signed a $50,000,000 Credit Facility Agreement with Rochester-based Lucian Group, allowing the company to focus on additional growth industry acquisitions for the company.

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.

Contact Information