Capitol Energy Announces Filing of its 2006 Reserves Information

    All amounts in thousands of Canadian dollars unless otherwise specified

    TSX: CPX

    CALGARY, March 9 /CNW/ - Capitol Energy Resources Ltd. ("Capitol" or the
"Company") (TSX - CPX), is pleased to announce that it has filed its Statement
of Reserves Data and Other Oil and Gas Information as mandated by National
Instrument 51-101 of the Canadian Securities Administrators.
    Capitol has also filed its audited financial statements and accompanying
notes for the year ended December 31, 2006 and related Management Discussion
and Analysis. Copies of Capitol's 2006 disclosure documents may be obtained on
SEDAR at or on Capitol's website at

                     ABOUT CAPITOL ENERGY RE

SOURCES LTD. Capitol Energy Resources Ltd. is a junior oil and gas, exploration and production company. Capitol's primary asset is a conventional Montney oil pool, at Dixonville Alberta, with 263 million barrels of original oil in place as at December 2006. Development of the pool will include drilling on reduced spacing with all necessary regulatory approvals already in place, and conversion of producing wells to water injection to maintain reservoir pressure all of which will result in optimal oil recoveries. Capitol has approximately 125 additional well locations identified in the pool and 25 additional exploration locations that will provide the Company with visible production growth. Capitol's engineering studies and production histories of similar oil pools indicate primary and secondary oil recovery rates of 20% to 30% of original oil in place are achievable. Capitol currently has approximately 53 million shares outstanding (57 million including outstanding dilutives). In addition to the substantial reserves base, Capitol has 48,092 net acres of undeveloped land and 250 km of proprietary 2D seismic and 64 square kilometers of proprietary 3D seismic. Management and directors represent approximately 11% of the basic shares outstanding. Additional information about Capitol including, Capitol's December 31, 2006 financial statements and Management's Discussion and Analysis may be viewed on SEDAR ( or the Company's website ( The TSX has neither approved nor disapproved the contents of this press release.

For further information:

For further information: Monty Bowers, President & CEO, Capitol Energy
Resources Ltd., Phone: (403) 508-6321, Fax: (403) 508-6309; or Doug Dearing,
Vice President, Finance & CFO, Capitol Energy Resources Ltd., Phone: (403)
508-6320, Fax: (403) 508-6309

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