SILVERDALE, WA / ACCESSWIRE / November 18, 2014 / CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") today announced financial results for the third quarter ended September 30, 2014.
In the third quarter of 2014, CGrowth Capital continued to build upon its success from previous quarters by developing and implementing management plans for its recently acquired assets. The Company has restructured the management and operations of its Powder River Basin oil and gas project and opened an office in Denver, Colorado to oversee operations in both Wyoming and Louisiana. Additionally, the Company recently completed initial treatments and maintenance on six wells at its Powder River Basin project with overall exciting results. Average production for the 7 days following treatment, and prior to temporarily shutting wells in for minus 30 degree weather, increased 477% from 9 BOPD to 43 BOPD.
The Company has continued to develop and catalog its operations in Chewelah, Washington and is in continued discussions with companies, business partners, and acquisition targets for the expansion of it dolomite and decorative rock plant. During the third quarter of 2014, the Company completed processing for Stevens County Department of Public Works, prepared dolomite material for sale to its agricultural partner, and accounted for in excess of $2,000,000 in non-depreciable assets acquired with its mineral lease execution. The recognition of these assets brings the Company's total assets to over $10,000,000, which includes property, plant, equipment, oil and gas leases, and non-depreciable mineral assets.
CGrowth Capital, Inc. and its subsidiaries complete financial results along with accompanying notes and business information for the third quarter ended September 30, 2014 may be viewed as filed with OTCMarkets.com on this same date.
For more information about CGrowth Capital, visit their website: http://www.CGrowthCapital.com.
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining, minerals, and exploration. The processing of metal ore mining, mineral and specialty rock extraction, as well as oil and gas production, are multi-billion dollar market opportunities which is capitalized on through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold, silver, oil and gas, dolomite, and terrazzo to market. CGrowth Capital will focus on acquiring or "claiming" land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
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Safe Harbor
Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE: CGrowth Capital, Inc.