HOUSTON, Feb. 3, 2005 (PRIMEZONE) -- CAPCO Energy, Inc. ("CAPCO")(OTCBB:CGYN) announces that drilling has commenced at OCS Block 297 to a proposed total depth of approximately 13,500 feet. The well shall test the Cib Op, Rob L and Rob M formations. It is expected that the drilling and testing shall be completed within 45 days.
The prospect was selected based on 3-D seismic interpretation. If successful the prospect is expected to produce between 10 to 30 million cubic feet of gas per day and could contain recoverable reserves exceeding 65 Billion cubic feet.
CAPCO is the Operator of the prospect with about 47% Working Interest before payout and 40% after payout.
CAPCO is an E& P company with offshore and onshore operations in USA, with its head office in Houston, Texas.
For further information please go to our website: www.capcoenergy.com or contact Brenda Ruark @ 713 622 5550.