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Capital Hill Bid-Up to 300 Million Barrels

Source: www.gulfoilandgas.com 8/18/2005, Location: Africa

Capital Hill Gold may be appearing on the radar screen of aggressive investors and day traders this morning! Yesterday after the stock markets closed, the company issued a press release announcing further information with respect to its participation in the 2005 Nigerian oil bid round.

Continue to watch this company! Mr. Enright said, "The final selection for the 2005 offshore oil Nigerian bid round will to be made August 26th, 2005, primarily based on the qualifications of our joint development partner, Oil Services Inc. Should our joint venture be selected, CHGI and Oil Services, Inc. expect to partner with a major multinational oil company to head up the exploitation of the concession. Our consortium has bid for three concession blocks. The three concessions contain up to 300 million barrels with 200 million barrels in proven reserves."

The concessions being offered are located offshore which is an area of particular interest to the multinational oil companies currently involved in Nigeria, which include Royal Dutch/Shell, Chevron Texaco and Exxon/Mobil. CHGI cannot predict with certainty the ultimate economic impact that an oil concession award will have until negotiations with a multinational.

Investors should continue to monitor the progress of Capital Hill Gold for further developments! Last week, the company issued a press release announcing that the federal government of Nigeria will on August 26 award licenses to about 47 oil block concessions under the 2005 bid round, that is expected to bring in new players into the nation's petroleum industry and also stimulate investments in the downstream sector.

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