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Capco (CGYN)

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Last Post: 5/18/2009 8:11:09 AM - Followers: 6 - Board type: Free - Posts Today: 0

http://www.capcoenergy.net/homepage.html Capco is an independent energy company with its focus in the Gulf of Mexico ("GOM") and the shelf properties. Capco either owns, operates or manages 44 wells in GOM of which 9 wells are currently producing. The remaining wells are not on-line for various reasons including land procurement and Katrina/Rita effects. On land, the Company either owns, operates or manages some 353 wells of which 44 wells are producing. The Company's production is derived from its working interest share, as well as production which the Company manages for a joint venture partner with certain rights to acquire the joint venture partner's interest ("Option Interest") as early as mid 2007. The Company's working interest and Option Interest production levels as of year end 2005 were about 11.4 mmcfd and 230 bopd. Capco expects to return to production 12 GOM wells and 50 land wells in the year 2006. Capco is also engaged in exploratory activities where the Company may participate with industry partners and/or generate its own prospects where Capco will drill such prospects by promoting to industry partners to reduce its risk of exposure. Key Points: -Capco operates 78 wells in GOM of which 23 are producing. -In September 2006 Capco acquired 17 wells for $83.0 million, producing about 17.0 mmcfde at the time of the acquisition in GOM. -Current production from the 23 Operated wells and 15 non operated wells is 19.5 mmcfd and 2600 bopd -Capco’s net working interest share is 7.25 mmcfde -Estimated PV 10 discounted proved reserves as of year end 2006 are $29.0 million. -Expected additional cash flow attributed from approximately $9.0 million of reserves by September 2007 -Capco has significant land holdings with numerous exploratory and developmental opportunities -Key prospect located in Vermilion field with estimated recoverable reserves of 250 BCF -Excess to a deep drilling prospect in Green Canyon property, which has potential of some 175 million barrels of oil. -Capco has a master credit agreement with Union Bank of California -Capco’s total bank debt has been reduced from cash flow to $16.0 million with Capco’s share of this debt at approx. $8.0 million. THE BIG NEWS!! http://biz.yahoo.com/cnw/070608/cor_cgyn_pk_combinatn.html?.v=1 http://www.pyramidpetroleum.com Pyramid Petroleum and Capco Energy announce plan for business combination CALGARY and HOUSTON, June 11 /CNW/ - Pyramid Petroleum Inc. (TSXV: PYR) ("Pyramid" or the "Company") and Capco Energy, Inc (CGYN.PK) ("Capco") announced today that their respective boards of directors have approved the execution of a Letter of Intent whereby Pyramid would acquire all of the outstanding common shares of Capco in exchange for common shares of Pyramid ("Common Shares"), as a result of which Capco will be a wholly owned subsidiary of Pyramid. The number of Common Shares to be issued will be based upon the net asset value ("NAV") of Pyramid and Capco, determined by, among other factors, the discounted NAV of the oil and gas reserves of each company. An independent committee will select an independent third party appraiser to provide a fairness opinion on the transaction. Both companies have agreed to abide by the results of this opinion. The completion of this business combination will be subject to all necessary documentation, due diligence, and regulatory and shareholder approvals. Capco is currently trading on the pink sheets in the US, but has not filed current financial information with the appropriate regulatory authorities. It anticipates that financial statements for the period ending December 31, 2006 and March 31, 2007 will be completed and filed within two to three months. A follow-up press release will be issued at that time. Capco's reserve report as of December 31, 2006 is not prepared in accordance with NI 51-101 guidelines and such evaluation is being conducted currently and the results will be announced in a follow-up press release. Due diligence by both parties is on-going, and this transaction will be subject to disinterested shareholder approval and review by the TSX Venture Exchange. There is no assurance that the Exchange will accept the proposed transaction, the disinterested shareholders will approve it, or that both companies will be satisfied with their due diligence results. Mr. Ilyas Chaudhary, the majority shareholder in both companies, as well as being the CEO of both companies, will not participate in the selection of the third party appraiser for the transaction, nor will he vote on any issue concerning this transaction. No other Capco directors have been identified at this time to join the board of Pyramid. Following the transaction, Pyramid is expected to have the following key characteristics: - Operation of approximately 125 wells in the Gulf of Mexico. - Ownership of producing onshore oil and gas assets in Texas, Montana and Alberta. - A net undeveloped land position of 82,000 acres in various prolific areas. - Certain Gulf of Mexico prospects developed with 3-D seismic interpretation being marketed for exploratory drilling purposes. - Primary business headquarters will be in Houston, Texas. Following the acquisition, Pyramid expects to raise funds to expand the oil and gas production of the combined company, mainly in the Gulf of Mexico, focusing on low risk producing opportunities. Safe Harbor Statement under the Private Securities Litigation Reform Act: Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects and future plans and objectives are forward-looking statements which involve risks and uncertainties, including uncertainty regarding future revenue and integration. These and other risks are identified in our SEC filings and should be considered in evaluating the forward-looking statements made herein. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. These risks could cause actual financial results to vary from those anticipated. For further information Mansoor A. Anjum, President, Pyramid Petroleum, Inc., info@pyramidpetroleum.com, (403) 234-9000, www.pyramidpetroleum.com Robert Thomasson, COO, Capco Energy, Inc., info@capcoenergy.net, (713) 622-5550, www.capcoenergy.net Ken Wetherell, Investor Relations, Bryan Mills Iradesso, contact@bmir.com, (403) 503-0144 x224 Share Structure O/S: 159,713,477 Float: est. to currently be less than 10 million Insider Holdings: 33% of Shares Major Holders: Peninsula Capital Management: 6,666,666 http://www.penfund.net/page.php?url=team More Links/DD of Interest CEO interview: http://www.macreport.net/featured/CGYN/company.asp
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#131   China Energy Recovery Reports First Quarter Fiscal 2009 di4 05/18/09 08:11:09 AM
#130   FILED BANKRUPTCY 5/21/2008 flemsnopes 05/22/08 08:43:42 AM
#129   I will be considering it - definatley on stock2windaily 03/23/08 04:01:25 PM
#128   Thanks for the heads up. Perhaps there flemsnopes 03/23/08 03:57:35 PM
#127   Certainly - stock2windaily 03/23/08 03:42:36 PM
#126   Can you elaborate on that a bit? flemsnopes 03/23/08 03:39:54 PM
#125   Lots of buzz going on about this stock! stock2windaily 03/22/08 10:54:30 PM
#124   The word is out and people are loading iphone 02/01/08 07:37:22 PM
#123   The previous high volume day on the Jan flemsnopes 01/31/08 10:36:11 PM
#122   buying opportunity!!! 0.4 iphone 01/29/08 12:36:51 PM
#121   It will be interesting to see how this flemsnopes 01/17/08 10:30:38 AM
#120   CGYN CHART flemsnopes 01/17/08 09:14:49 AM
#119   .045 yep told ya iphone 01/16/08 03:55:17 PM
#118   .041 here we go! iphone 01/16/08 02:21:41 PM
#117   Capco Terminates Plan to Divest Certain Assets iphone 01/16/08 01:41:07 PM
#116   Pyramid Petroleum, Inc. ("Pyramid") (TSXV: PYR) announced today iphone 01/16/08 01:39:43 PM
#115   657,000 shares traded iphone 01/16/08 01:36:12 PM
#114   Capco Terminates Plan to Divest Certain Assets flemsnopes 01/16/08 07:20:46 AM
#113   CAPCO Announces Managerial and Operational Updates flemsnopes 12/30/07 11:38:21 AM
#112   Capco Terminates Merger Talks With Pyramid and Announces flemsnopes 09/20/07 08:33:33 AM
#111   probably lack of news, it's a killer in cotf 07/19/07 11:13:52 PM
#110   Anyone here ? Why 30% down today ? ciccio 07/19/07 07:37:52 PM
#109   watching here. not sure exactly of valuation results dshade 07/10/07 11:31:54 AM
#108   Message: I just received your voice message. Thank SuperC 06/13/07 06:44:41 PM
#107   Thanks pp01 :) SuperC 06/13/07 12:13:39 PM
#106   Shareholder PMed this to me... THE INSIDER 06/13/07 12:11:04 PM
#105   Heard more news is out... SuperC 06/13/07 11:46:55 AM
#104   What I'd like too see, and I think SuperC 06/13/07 11:38:00 AM
#103   sounds good plz keep us update thanks EricVan 06/13/07 11:31:12 AM
#102   ericvan, I hope to get a return call SuperC 06/13/07 11:28:38 AM
#101   CGYN - 38 million in assets - Merger EricVan 06/13/07 11:21:45 AM
#100   By the way you can buy pyramid stock sliverbullet 06/12/07 02:14:30 PM
#99   I wonder how Pyramids stock will do? Since sliverbullet 06/12/07 02:10:53 PM
#98   good re-entry point here @ .075 flagreg 06/12/07 01:30:44 PM
#97   Thinking of getting back in, i believe this flagreg 06/12/07 12:22:21 PM
#96   Following the acquisition, Pyramid expects to raise funds SuperC 06/12/07 06:45:37 AM
#95   bytheway... that was from the VP. What SuperC 06/12/07 06:34:24 AM
#94   From Mgt: "Another thought provoking question. I would SuperC 06/12/07 05:56:20 AM
#93   This is a steal, have yall checked out TrevorInAustin 06/11/07 07:36:15 PM
#92   Well besides asking the obvious, assets, the header SuperC 06/11/07 03:19:26 PM
#91   seems like a fricking bargain doesn't it. I'm bonedaddy77 06/11/07 03:17:34 PM
#90   Got a call into Ken, IR guy for SuperC 06/11/07 03:16:00 PM
#89   At this point I think it will be bonedaddy77 06/11/07 03:13:16 PM
#88   Seems float is a lot less than 55mil SuperC 06/11/07 03:06:02 PM
#87   That was one heck of a shake flagreg 06/11/07 02:59:44 PM
#86   Yeah and besides that 1k bringing it back SuperC 06/11/07 02:58:41 PM
#85   It looks like the news finally went out flemsnopes 06/11/07 02:57:14 PM
#84   About 1/2 of the sell of after the SuperC 06/11/07 02:57:09 PM
#83   Thanks for the bounce.... JimmieZip 06/11/07 02:48:41 PM
#82   It's the way they have it worded, ya think? SuperC 06/11/07 02:42:32 PM
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