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[exhibit231ccegreservesrep001.jpg] Report of Developed

Oil and Gas Reserves for

Capital City Energy Group, Inc.

Effective Date: December 31, 2014

Pursuant to the Guidelines of the Securities and

Exchange Commission for Reporting Corporate

Reserves and Future Net Revenue

Prepared For:

Capital City Energy Group, Inc.

1135 Dublin Rd, Suite 122-D

Columbus, Ohio 43215

Date of this Report: October 13, 2016

Submitted By:

__________________________________

Shumway Resources, LLC

137 E Dublin Granville Rd Suite E

Worthington, Ohio 43085

(614) 846-1391

www.shumwayresources.com

[exhibit231ccegreservesrep002.jpg] 137 E. Dublin Granville Rd. Ste. E

Worthington, Ohio 43085

Tel: (614) 846-1391

w w w. s h u m wa y r e s o u r c e s . c o m

October 13, 2016

Mr. Timothy S. Shear

Chief Executive Officer

Capital City Energy Group, Inc.

1135 Dublin Rd, Suite 122-D

Columbus, Ohio 43215

Re:

Evaluation Summary – SEC Price

Pursuant to the Guidelines of the Securities and

Capital City Energy Group, Inc.

Exchange Commission for Reporting Corporate

Total Proved Oil and Gas Reserves – Various States

Reserves and Future Net Revenue

As of December 31, 2014

Mr. Shear:

As requested, Shumway Resources, LLC has prepared a reserve and economic evaluation of certain

oil and gas interests owned by Capital City Energy Group, Inc. (CCEG). The CCEG interests are in

producing oil and gas properties located in various states within the United States of America. This

reserve and economic evaluation considers 100% of the total oil and gas reserves of CCEG. This

report includes results for an SEC pricing scenario.

This report was completed October 13, 2016 and has an effective date of December 31, 2014. The

report is summarized as follows:

ESTIMATED REMAINING

NET RESERVES

FUTURE NET INCOME

Present Value

RESERVE

Oil

Gas

Undiscounted

Disc. @ 10%

CLASSIFICATION

(Mbbl)

(MMcf)

(M$)_ _

(M$)

PROVED

Developed Producing

Oil and Gas Reserves

15.711

9.661

506.626

348.593

Net operating income is total net sales less net lease operating expenses, ad valorem taxes, and

severance or production taxes. Net operating income is the amount, exclusive of state and federal

income taxes, which will accrue to the subject interests from continued operation of the properties to

depletion. The discounted cashflow value reported above should not be construed to represent an

estimate of the fair market value by Shumway Resources, LLC.

l Page 2

October 13, 2016

Table 1 in the appendix shows summary production and economic data for each property sorted

alphabetically by property name.

SEC CONFORMANCE AND REGULATIONS

The reserve classifications and the economic considerations used herein conform to the criteria of the

SEC as defined in the Appendices and the report was prepared for inclusion as an exhibit in a filing

with the United States SEC. The reserves and economics are predicated on regulatory agency

classifications, rules, policies, laws, taxes, and royalties in effect except as noted herein. The possible

effects of changes in legislation or other Federal or State restrictive actions which could affect the

reserves and economics have not been considered. However, we do not anticipate nor are we aware of

any legislative changes or restrictive regulatory actions that may impact the recovery of reserves.

CLASSIFICATION OF RESERVES

Reserves assigned to the CCEG interest in the subject wells have been classified as “developed oil and

gas reserves” as promulgated by the Securities and Exchange Commission. Developed oil and gas

reserves are defined as reserves that can be expected to be recovered through existing wells with

existing equipment and operating methods or in which the cost of the required equipment is relatively

minor compared with the cost of a new well.

RESERVE ESTIMATION METHODS

Production performance methods were used to estimate the future producing reserves in this

evaluation. Most of the properties have been producing for a considerable length of time and have

very well defined production decline trends. Reserves attributable to these wells were based on

extrapolation of that trend to an economic limit. If insufficient production data was present wells were

assigned zero production forecasts. Certain new producing properties with very little production

history were forecast using a combination of production performance and analogy to similar

production, both of which are considered to have a relatively high degree of accuracy.

BACKGROUND

This report is concerned with 45 oil and gas properties in which CCEG owns varying interests. These

wells are located in the United States of America in the following states; Kansas, Louisiana, Ohio,

Pennsylvania, Texas, and Wyoming.

Operators for the various properties include: 7711 Corporation, Breitburn Energy, Cabot Oil and Gas

Corporation, Chrisjo Energy Inc., Cortex Oil and Gas, Earthwise Energy Inc., ES Nichols

Exploration, Grand Operating Inc., Hill Inc., Houghton Investments, Kelly Oil and Gas Corporation,

RTex, Schreiner Oil and Gas Inc., Sonterra Energy Corporation, Verona (Chrisjo), Williams

Production Company, and Woolsey Petroleum Corporation.

The following table presents the geographical distribution of wells included in the reserve estimation

and the future net income, the present value of future net income discounted 10% (PV10), and the

percentage of the total PV10 attributable to the wells in each state.


State	Number of Wells	Oil (Mbbl)	Gas (MMcf)	Future Net Income M$	Present Value of Future Net Income Discounted 10% (PV10) M$	Percent of Total Future Net Income Discounted 10%
Kansas	8	0.581	2.039	26.742	21.603	6.2
Louisiana	2	0.002	.016	0.000	0.000	0.0
Ohio	2	0.006	.025	0.000	0.000	0.0
Pennsylvania	4	0.000	0.000	0.000	0.000	0.0
Texas	20	3.270	7.220	127.363	101.806	29.2
Wyoming	9	11.852	0.363	352.521	225.184	64.6
TOTALS	45	15.711	9.661	506.626	348.593	100.0

l Page 3

October 13, 2016

HYDROCARBON PRICING

The Securities and Exchange Commission Guidelines require that year-end benchmark pricing be

employed in the annual report for publicly held companies. This year-end benchmark pricing was

calculated as the unweighted arithmetic average of the first day of month price for each month within

the 12 month period prior to the end of the reporting period.

Future crude oil pricing was based on the 2014 year-end benchmark price of $94.99 per bbl (West

Texas Intermediate Crude - Cushing, Oklahoma). Future natural gas pricing was based on the 2014

year-end benchmark price of $4.35 per mcf (Henry Hub – Louisiana). Further adjustments were

applied on a lease level basis for oil price differentials, gas price differentials, and heating values as

furnished by your office. The volume weighted average realized price for crude oil was $84.08 per

barrel and $4.43 per mcf for natural gas. Prices were not escalated.

OPERATING EXPENSES

The average monthly historical operating expenses provided by your office were used as-is for future

operating expenses without verification, and future operating expenses were not escalated. Operating

expenses were adjusted as necessary using Council of Petroleum Accountants Societies (COPAS)

overhead adjustment factors.

TAXES

Ad valorem taxes paid were included in the operating costs per well provided by your office and used

as-is without verification. Future ad valorem taxes were accounted for in the future operating cost and

were not escalated.

l Page 4

October 13, 2016

Severance taxes were deducted from future net income in accordance with applicable lease level

severance tax rates based on information provided by your office and used as-is without verification.

Future severance taxes were not escalated.

OPERATING INTEREST

Net royalty interest (NRI) and working interest (WI) percentages for each well were provided by your

office and used as-is without verification.

MISCELLANEOUS

Individual wells were not inspected by a representative of Shumway Resources, LLC, nor were they

tested under our supervision. No attempt been made to determine whether the wells and facilities are

in compliance with various regulations, nor have costs been included in the event they are not.

Possible environmental liability related to the properties has not been investigated nor considered. No

value has been assigned to production facilities, salvageable material, or undeveloped acreage and

future expenses for plugging and abandonment were not considered.

The reserve estimates were based on interpretations of factual data furnished by your office. We have

used all the methods and procedures as we considered necessary under the circumstances to prepare

the report. We believe that the assumptions, data, methods, and procedures were appropriate for the

purposes served by this report. Production data, oil prices, oil price differentials, gas prices, gas price

differentials, expense data, tax values, and ownership interests were supplied by your office and

accepted as furnished. To some extent, information from public records was used to check and or

supplement these data. The basic engineering and geological data were subject to third party

reservations and qualifications. Nothing has come to our attention that would cause us to believe we

are not justified in relying on such data.

[exhibit231ccegreservesrep003.jpg] l Page 5

October 13, 2016

Shumway Resources, LLC is independent from CCEG and has no financial or other conflicts of

interest with either party. Principals, officers, owners, members of Shumway Resources, LLC and

their immediate families, and members of staff working on this engagement are not in any way, nor

have been in any way, associated with CCEG and their management except in our capacity as an

outside specialist.

Sincerely,

SHUMWAY RESOURCES, LLC

Martin R. Shumway, PE, CPG

Professional Qualifications of Martin R. Shumway, PE, CPG

President - Shumway Resources, LLC

Mr. Shumway has been involved in the resource industry for most of his career and has more than 20

years of experience in the mining and petroleum industries and has extensive experience with both

exploration and development of oil and gas properties in the Appalachian Basin. He has completed

numerous reserve evaluations, field studies, production studies, and geological evaluations of

petroleum properties. Mr. Shumway earned his Bachelors and Master’s degree in Engineering from

The Ohio State University in Columbus, Ohio and is a licensed Professional Engineer (PE) in Ohio

and holds certifications issued by the American Association of Petroleum Geologist (AAPG) as a

Certified Petroleum Geologist (CPG), the Society of Independent Professional Earth Scientists

(SIPES) as a Certified Professional Earth Scientist, and is an Associate Member of the International

Institute of Minerals Appraisers.

l Page 6

October 13, 2016

CAPITAL CITY ENERGY GROUP OIL AND NATURAL GAS RESERVES REPORT

EFFECTIVE DATE 12/31/2014

INDEX

APPENDICES

1. Methods Employed in the Estimation of Reserves

2. Reserve Definitions and Classifications

TABLES

Table 1. Capital City Energy Group – Reserves & Net Present Value As of December 31, 2014.

l Page 2

October 13, 2016

Table 1 in the appendix shows summary production and economic data for each property sorted

alphabetically by property name.

SEC CONFORMANCE AND REGULATIONS

The reserve classifications and the economic considerations used herein conform to the criteria of the

SEC as defined in the Appendices and the report was prepared for inclusion as an exhibit in a filing

with the United States SEC. The reserves and economics are predicated on regulatory agency

classifications, rules, policies, laws, taxes, and royalties in effect except as noted herein. The possible

effects of changes in legislation or other Federal or State restrictive actions which could affect the

reserves and economics have not been considered. However, we do not anticipate nor are we aware of

any legislative changes or restrictive regulatory actions that may impact the recovery of reserves.

CLASSIFICATION OF RESERVES

Reserves assigned to the CCEG interest in the subject wells have been classified as “developed oil and

gas reserves” as promulgated by the Securities and Exchange Commission. Developed oil and gas

reserves are defined as reserves that can be expected to be recovered through existing wells with

existing equipment and operating methods or in which the cost of the required equipment is relatively

minor compared with the cost of a new well.

RESERVE ESTIMATION METHODS

Production performance methods were used to estimate the future producing reserves in this

evaluation. Most of the properties have been producing for a considerable length of time and have

very well defined production decline trends. Reserves attributable to these wells were based on

extrapolation of that trend to an economic limit. If insufficient production data was present wells were

assigned zero production forecasts. Certain new producing properties with very little production

history were forecast using a combination of production performance and analogy to similar

production, both of which are considered to have a relatively high degree of accuracy.

BACKGROUND

This report is concerned with 45 oil and gas properties in which CCEG owns varying interests. These

wells are located in the United States of America in the following states; Kansas, Louisiana, Ohio,

Pennsylvania, Texas, and Wyoming.

Operators for the various properties include: 7711 Corporation, Breitburn Energy, Cabot Oil and Gas

Corporation, Chrisjo Energy Inc., Cortex Oil and Gas, Earthwise Energy Inc., ES Nichols

Exploration, Grand Operating Inc., Hill Inc., Houghton Investments, Kelly Oil and Gas Corporation,

RTex, Schreiner Oil and Gas Inc., Sonterra Energy Corporation, Verona (Chrisjo), Williams

Production Company, and Woolsey Petroleum Corporation.

The following table presents the geographical distribution of wells included in the reserve estimation

and the future net income, the present value of future net income discounted 10% (PV10), and the

percentage of the total PV10 attributable to the wells in each state.


State	Number of Wells	Oil (Mbbl)	Gas (MMcf)	Future Net Income M$	Present Value of Future Net Income Discounted 10% (PV10) M$	Percent of Total Future Net Income Discounted 10%
Kansas	8	0.581	2.039	26.742	21.603	6.2
Louisiana	2	0.002	.016	0.000	0.000	0.0
Ohio	2	0.006	.025	0.000	0.000	0.0
Pennsylvania	4	0.000	0.000	0.000	0.000	0.0
Texas	20	3.270	7.220	127.363	101.806	29.2
Wyoming	9	11.852	0.363	352.521	225.184	64.6
TOTALS	45	15.711	9.661	506.626	348.593	100.0