CGrowth Capital, Inc. Completes Final Piece to the Puzzle With Wyoming Oil Leases

SILVERDALE, WA--(Marketwired - Apr 21, 2014) - CGrowth Capital, Inc. (OTC Pink: CGRA) (PINKSHEETS: CGRA) (the "Company") is pleased to announce that it has completed a Purchase and Sale Agreement ("PSA") for the remaining ~80% Working Interest in the assets and wells located on the Company's Wyoming oil leases. The acquisition includes 41 wells (some currently producing and some non-producing) along with the associated fixtures, pumps, and tanks for the current field operation on the leases located in the Powder River Basin. The Company closed the PSA through the assumption of certain debts of the seller. The purchase follows the closing of the valuable ground leases, along with the original ~20% Working Interest in a majority of the existing field operations, which occurred during the third quarter of 2013. 

The acquisition now provides the Company with control of the field operations, allows them to provide direction and prioritization of the field development, and gives the Company nearly 100% Working Interest in the oil production from the fields. The Company has significantly increased its revenue potential in the field by increasing its overall Working Interest from ~20% to nearly 100%.

"We were not anticipating this opportunity to present itself to us, but when the call came in that the majority Working Interest was available, we delivered again and jumped at the opportunity to provide shareholders with increased assets and revenues," stated Bill Wright, CEO of CGrowth Capital, Inc. "We now have control of what happens in the field, can make a much stronger presentation for funding opportunities, and we will see much greater asset appreciation and revenue realization as the field produces and we prove out reserves."

Mr. Wright continued, "As an example of what this can mean to the Company, we sent a tanker truck out to one of our storage tanks after the weather began to break and the first pull of oil was in excess of 200 barrels. One of the wells, one that is on the list for us to perform service on, produced 30 barrels the day we turned it back on. While it does not guarantee that result every day on every well, it does show that we are moving in the right direction and we have a tremendous revenue opportunity in front of us."