ORANGE, Calif., Feb. 12, 2004 (PRIMEZONE) -- Capco Energy, Inc. (OTCBB:CGYN), today announced that the Company has closed on an acquisition from Dominion and others in the Brazos field, offshore in Matagorda County, Texas. The Company shall have a 90% working Interest and shall be the operator of these wells. In addition to an earlier announced acquisition, the Company now has a total of 31 wells in the Brazos field. The Company has 3 wells on line in the Brazos field producing 2.5 million cubic feet a day. The Company has selected 10 wells to be placed on line by September 30 2004 and the balance of the wells are being evaluating for additional potential, after review of the production files and well logs.
Ilyas Chaudhary, CEO of Capco, said, "The Company now has a strong technical team to evaluate, operate and acquire wells in known fields where there are remaining reserves to be produced. This acquisition is a part of this grander plan of the company."
Capco is an oil and gas production and acquisition company with operations and holdings in the Gulf Coast -- Texas, Louisiana -- and in Southern California. Capco also has various other non operated oil and gas interests in Montana, Michigan and Alabama.
This announcement contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.