Capco (fka CGYN)

[di4]

China Energy Recovery Reports First Quarter Fiscal 2009 Financial Results
May 17, 2009 7:00:00 AM


Email Story Discuss on ZenoBank

View Additional Profiles-- Q2 2009 sales expected to exceed average 2008 level of $5.8 million


-- First quarter low level attributed to temporary impact of economic downturn


-- 2009 annual performance expected to be an improvement on 2008


SHANGHAI, China, May 17 /PRNewswire-Asia-FirstCall/ -- China Energy Recovery, Inc. (OTC Bulletin Board: CGYV) (ISIN: US16943V2060; "CER"), a leader in waste heat energy recovery and industrial energy efficiency, today announced financial results for the three months ended March 31, 2009.


Revenues in the three months ended March 31, 2009 were $1.26 million. The relevantly low revenue level was due mainly to a reduction in order completion in terms of number and size between quarters as a result of the company's order-based business model and the temporary impact of the recent economic downturn.


Gross profit was $0.06 million for the three months ended March 31, 2009. Selling, general and administrative expenses were $1.54 million for the three months ended March 31, 2009 of which an aggregate of $0.64 million were related to public company operations, including $0.40 million of share-based, non-cash expenses. Non-operating expenses were $0.16 million for the period, including $0.13 million non-cash expenses related to changes in the fair value of warrants.


Net loss was $1.47 million for the first quarter of 2009.


"It was a bit challenging for us in the past quarter as a result of quarterly fluctuations due to our order-based business model and with the temporary impact of the economic downturn," commented Mr. Qinghuan Wu, Chairman and CEO of China Energy Recovery. "With the completion of the Papua New Guinea order of roughly $4.85 million in contract value announced in early May among others, we anticipate the second quarter results will be much improved and exceed the average level of 2008. Our current order book also provides a positive indication of our top line performance for the next several quarters. Further, the emerging market recovery and the continuously strong emphasis of governments on energy efficiency and pollution reduction, especially in China, will continue to help enhance our order pipeline for 2009 and 2010."


What is Waste Heat Energy Recovery?


Industrial facilities release significant amounts of excess heat into the atmosphere in the form of hot exhaust gases or high-pressure steam. Energy recovery is the process of recovering vast amounts of that wasted energy and converting it into usable heat energy or electricity, dramatically lowering energy costs. Energy recovery systems are also capable of capturing harmful pollutants that would otherwise be released into the environment. It is estimated that if energy currently wasted by all the U.S. industrial facilities could be recovered, it could produce power equivalent to 20% of U.S. electricity generation capacity without burning any additional fossil fuel, and could help many industries to meet stringent environmental regulations.


About China Energy Recovery, Inc.


CER is an international leader in designing, manufacturing and installing waste heat energy recovery systems which provide facilities with greater energy efficiency. The company's primary focus is on the Chinese market. CER's technology captures industrial waste energy to produce low-cost electrical power, enabling industrial manufacturers to reduce their energy costs, shrink their emissions footprint, and generate sellable emissions credits. CER has deployed its systems throughout China and in such international markets as Egypt, Korea, Vietnam and Malaysia. CER focuses on numerous industries in which a rapid payback on invested capital is achieved by its customers, including: chemical, paper manufacturing, refining (including methanol refining), etc. CER continues to invest in R&D and plans to build China's first state-of-the-art energy recovery system research and fabrication facility to allow it to meet the increased demand for its products and services. For more information on CER, please visit: http://www.chinaenergyrecovery.com/s/Home.asp. Information on CER's website does not comprise a part of this press release.


Forward-Looking Statement Disclaimer


This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that CER believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors that CER believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of CER and may not materialize, including, without limitation, the efficacy and market acceptance of CER's products and services, CER's ability to execute on its business plan and strategies and CER's ability to successfully complete orders and collect revenues therefrom. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors. Furthermore, CER does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law. The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in CER's filings with the Securities and Exchange Commission, including CER's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2009.


Contact:
Media
Sean Mahoney
Ph. 310.867.0670
[e-mail]

Investor Relations
Jim Blackman
Ph. 713.256.0369
[e-mail]



SOURCE China Energy Recovery, Inc.



----------------------------------------------
Sean Mahoney
Media
[phone]
or [e-mail]
Jim Blackman
Investor Relations
[phone]
or [e-mail]
both for China Energy Recovery
Inc.

[flemsnopes]

FILED BANKRUPTCY 5/21/2008

[stock2windaily]

I will be considering it - definatley on my stocks to watch list!!

[flemsnopes]

Thanks for the heads up. Perhaps there will be news coming soon, and with oil at historic highs, almost any positive development with respect to the company oil reserves could send the stock soaring. This one is well worth accumulating at the current level, in my opinion.

[stock2windaily]

Certainly -

The chart has been noticed as being very bullish and a good possible entry!

http://investorshub.advfn.com/boards/read_msg.asp?message_id=27820546&txt2find=cgyn+

Candlestick confirmation of being a bull!
RSI turning up!
Accumulation out of this world!

If the RSI crosses the 50 - that would be confirmation to load up!

[flemsnopes]

Can you elaborate on that a bit?

[stock2windaily]

Lots of buzz going on about this stock!

[iphone]

The word is out and people are loading up on this one quietly.

[flemsnopes]

The previous high volume day on the Jan 16 appeared to be related to the news about the termination of the proposed divestiture of certain assets. I wonder what today's high volume was about?

[iphone]

buying opportunity!!! 0.4

[flemsnopes]

It will be interesting to see how this plays out and what is behind the termination of the plan. I wonder if there is some basic disagreement between Mike Meyers and Ilyas Chaudhary?


Jan 16, 2008 7:24:00 AM MST
Pyramid Petroleum calls off plan to acquire Capco subsidiary (Pyramid-Petroleum)

CALGARY _ Pyramid Petroleum Inc. (TSXV:PYR) of Calgary has called off a plan to take over a subsidiary of Capco Energy Inc. of Houston in a deal between related junior companies controlled by businessman Ilyas Chaudhary.

Pyramid said in a brief statement Wednesday that the termination of the plan was “due to change of business reasons.‘‘

Pyramid had announced its intention in June to take over all of Capco, which is controlled by Chaudhary, the CEO and major shareholder of Pyramid. That plan changed in September into a proposed $11-million acquisition of the Capco subsidiary with assets in the Gulf of Mexico.

[flemsnopes]

CGYN CHART

[iphone]

.045 yep told ya

[iphone]

.041 here we go!

[iphone]

Capco Terminates Plan to Divest Certain Assets
6:30 AM ET - Market Wire

Capco Energy, Inc. ("the Company" or "Capco") (PINKSHEETS: CGYN) today announces that the Company has terminated its plan to divest a wholly owned subsidiary to Pyramid Petroleum, Inc ("Pyramid"). Both parties have mutually decided not to extend the deadline of December 31, 2007 for the completion of this transaction.

Safe Harbor Statement under the Private Securities Litigation reform Act: The information herein contains forward-looking statements based on assumptions that may prove not to have been accurate. The business activities of Capco, as usual to its industry, are subject to many risks both calculable and incalculable. Included in these risks are oil and gas prices, the need to develop replacement reserves, the reliability of reserve estimates, and the feasibility of extracting reserves, environmental risks, drilling and operating risks, and the ability of the Company to implement its business strategy. These and other risks are identified in our SEC filings and should be considered in evaluating the forward-looking statements made herein. These risks could cause actual financial results to vary from those anticipated.

For further information about the Company please call Karen Myers at [phone] or email at [e-mail].
Contact: Karen Myers [phone]

SOURCE: Capco Energy, Inc.

[iphone]

Pyramid Petroleum, Inc. ("Pyramid") (TSXV: PYR) announced today that due to change of business reasons it has terminated its plan to acquire a wholly owned subsidiary of Capco Energy, Inc. ("Capco"), a company controlled by Mr. Ilyas Chaudhary, the CEO and major shareholder of Pyramid. Pyramid had originally announced on June 8, 2007 that it intended to enter into a business combination with Capco and, on September 19, 2007, announced that it had modified the plan to acquire a wholly owned subsidiary of Capco. Both parties mutually decided to not extend the original deadline of December 31, 2007 for the completion of this transaction.

[iphone]

657,000 shares traded
Pyramid Petroleum, Inc. ("Pyramid") (TSXV: PYR) announced today that due to change of business reasons it has terminated its plan to acquire a wholly owned subsidiary of Capco Energy, Inc. ("Capco"), a company controlled by Mr. Ilyas Chaudhary, the CEO and major shareholder of Pyramid. Pyramid had originally announced on June 8, 2007 that it intended to enter into a business combination with Capco and, on September 19, 2007, announced that it had modified the plan to acquire a wholly owned subsidiary of Capco. Both parties mutually decided to not extend the original deadline of December 31, 2007 for the completion of this transaction.

[flemsnopes]

Capco Terminates Plan to Divest Certain Assets
Capco Energy, Inc. ("the Company" or "Capco") (PINKSHEETS: CGYN) today announces that the Company has terminated its plan to divest a wholly owned subsidiary to Pyramid Petroleum, Inc ("Pyramid"). Both parties have mutually decided not to extend the deadline of December 31, 2007 for the completion of this transaction.

Safe Harbor Statement under the Private Securities Litigation reform Act: The information herein contains forward-looking statements based on assumptions that may prove not to have been accurate. The business activities of Capco, as usual to its industry, are subject to many risks both calculable and incalculable. Included in these risks are oil and gas prices, the need to develop replacement reserves, the reliability of reserve estimates, and the feasibility of extracting reserves, environmental risks, drilling and operating risks, and the ability of the Company to implement its business strategy. These and other risks are identified in our SEC filings and should be considered in evaluating the forward-looking statements made herein. These risks could cause actual financial results to vary from those anticipated.

For further information about the Company please call Karen Myers at [phone] or email at [e-mail].

Contact:
Karen Myers
[phone]

[flemsnopes]

CAPCO Announces Managerial and Operational Updates
Capco Energy, Inc. ("the Company") (PINKSHEETS: CGYN) today announces that the Board of Directors of Capco has appointed Mike Myers as the President and CEO of the Company. Mike Myers had resigned the same post due to health reasons as announced on August 12, 2005. The Board of Directors also redefined the operational focus of Capco to be in offshore state waters and onshore E&P activities in the lower 48 states.

Capco also announces the following other operational updates


A) Offshore
a. Sale of certain GOM assets: As previously announced, the Company
is divesting certain assets to Pyramid Petroleum, Inc., for
$11 million dollars. This sale will eliminate long-term debt of
$8.0 Million and pay off $3.0 Million in accounts payable. The
divesture accounts for only about 1/3rd of the Company's proved
reserves of $18.0 Million (as of 1-1-07) therefore there is a
substantial net gain to the Company's bottom line.

b. Brazos LB - Offshore Texas. The company has a total of 27 wells in
this area of which 5 are producing at current production levels of
2.2 million cubic feet of gas per day. The company has recently
purchased additional working interest, thereby raising its interest
to 75% Working Interest in 10 wells, and 100% Working Interest in
17 wells and in their proportionate shares of the 13,000 acre
leasehold. The company plans to place additional wells on
production for a capital cost of $1.5 Million in 1st and 2nd Q
2008. The Company has acquired necessary equipment in order to
carry on this work.

c. Matagorda Island LB - Offshore Texas. The company owns a 100%
Working Interest in 6 wells in this area. These wells shall be
placed on production in the third Q 2008 for estimated costs of
about $1.0 Million.

d. Chandelier/St Bernard Parish - Offshore Louisiana. The Company
owns an after payout interest varying from about 30% to 66% in 4
wells. Only one well is currently producing, post-Katrina. The
plan is to return the remaining three wells on production for a
cost of $1.4 Million.

e. High Island 196 - Offshore Texas, Federal Waters. The company has
an after payout interest of 66% in 3 wells in this block with
current production levels of 1.7 million cubic feet of gas per day.
The gross leasehold is about 5000 acres. No major work is slated
for 2008.

f. Vermillion 112/113 - Offshore Louisiana, Federal Waters: The
Company has an after payout interest of 66.6 % in about 5500
acres of land. Based upon a 3 D interpretation, the reserve
potential exceeds 250 billion cubic feet of gas from two
prospective zones. The company plans to drill this well in the 4th
Q 2008. The gross drilling and completion costs are about $9
Million. The company plans to fund this project by engaging
industry partners.

B) Onshore
a. Caplen Field, Galveston County, Texas. The company has about 62% WI
interest in approximately 3.000 acres and 8 wells in this lease.
Current production after giving effect to the recently tested well
is about 40 bopd from 4 wells. One well is planned to be drilled in
the 1st Q2008. The Company's share of cost is $400,000.

b. The Slick Field Waterflood Unit, Creek County, Oklahoma. The
company has 50% working interest in about 2700 acres with
approximate current production levels of 30 barrels of oil per day
from only 11 wells. The Company expects to acquire the other 50%
Working Interest shortly. There are a total of 115 wells in this
lease and the company plans to reestablish a water flood program in
2008 for a cost of $1.2 Million. The Waterflood is forecasted to
return the production rate to in excess of 200 barrels of oil per
day. That is substantially the same production rate as when the
Waterflood was shut down in 1998.

c. Bandwheel Field, Osage County, Oklahoma. The company has 100%
interest in 1300 acres of land with current production levels of 16
bopd. There are 120 wells on this lease and the Company plans to
continue to place additional wells on production after resolving
certain title issues on the lease.


Commenting on the company's activities the Company, Mr. Mike Myers said, "The Company has successfully weathered its recent problems. After the proposed sale has been completed, the Company will focus on returning its substantial number of wells to production. Additional acquisitions are scheduled in the adjacent regions to build a synergistic operational base. We anticipate increases in cash flow and reserves by implementing this operational plan. Additionally the Company expects to sell certain non core properties to fund its current operations."

Safe Harbor Statement under the Private Securities Litigation reform Act: The information herein contains forward-looking statements based on assumptions that may prove not to have been accurate. The business activities of Capco, as usual to its industry, are subject to many risks both calculable and incalculable. Included in these risks are oil and gas prices, the need to develop replacement reserves, the reliability of reserve estimates, and the feasibility of extracting reserves, environmental risks, drilling and operating risks, and the ability of the Company to implement its business strategy. These and other risks are identified in our SEC filings and should be considered in evaluating the forward-looking statements made herein. These risks could cause actual financial results to vary from those anticipated.

For further information about the Company please call Karen Myers [phone] or visit our website at www.capcoenergy.net.

Contact:
Karen Myers
[phone]





Source: Marketwire (December 10, 2007 - 4:00 PM EST)

News by QuoteMedia
www.quotemedia.com

[flemsnopes]

Capco Terminates Merger Talks With Pyramid and Announces Plan to Divest Certain Assets



Wednesday September 19, 9:00 AM EDT


Capco Energy, Inc. ("the Company" or "Capco") (CGYN) today announces that the Company has terminated its plan of business combination with Pyramid Petroleum, Inc ("Pyramid"), a related party. Instead the Company has contracted to sell a wholly owned subsidiary that has certain OCS producing properties to Pyramid at a contracted purchase price of $11 million. The sale is subject to obtaining a release from the Company's commercial lender and receiving a Fairness Opinion. The purchase price was determined primarily based upon the proved and probable reserves and miscellaneous other values attributed to the assets and is subject to adjustments for the net operating revenue from the properties for the period from January 1, 2007 to the closing date and working capital at the closing date. The Company has received a deposit of $200,000 and expects to receive approximately $6 million at closing. Proceeds from the sale shall essentially reduce Capco's debt with its commercial lender.



Capco will continue its operations of Texas offshore, onshore and Oklahoma properties with a significantly reduced debt burden and a substantial reduction in its G&A expenses. These remaining properties compromised approximately 65% of the Company's proved reserves at year-end 2006.

Safe Harbor Statement under the Private Securities Litigation reform Act: The information herein contains forward-looking statements based on assumptions that may prove not to have been accurate. The business activities of Capco, as usual to its industry, are subject to many risks both calculable and incalculable. Included in these risks are oil and gas prices, the need to develop replacement reserves, the reliability of reserve estimates, and the feasibility of extracting reserves, environmental risks, drilling and operating risks, and the ability of the Company to implement its business strategy. These and other risks are identified in our SEC filings and should be considered in evaluating the forward-looking statements made herein. These risks could cause actual financial results to vary from those anticipated.

For further information about the Company please call Laura Boyko [phone] ext. 101or visit our website at www.capcoenergy.net.


--------------------------------------------------------------------------------

Laura Boyko
Capco
[phone] ext. 101
www.capcoenergy.net

[cotf]

probably lack of news, it's a killer in momo land. I'm holding

[ciccio]

Anyone here ? Why 30% down today ?
any news coming ?

[dshade]

watching here. not sure exactly of valuation results on the 2 entities. It is funny that Richards (in management of PYR) was w/ Dome Petroleum. That was one of my first penny plays I tried as a kid. lol

[SuperC]

Message: I just received your voice message. Thank you for calling. I would like to take some of the valid points you have made and discuss this with the available management and then provide you with an educated answer.

In the meanwhile, Capco and Pyramid have initiated the 3rd party independent fairness opinion. This would involve Audited financials from both companies as well as the Audited Reserve Report from both companies which would then be placed under scrutiny by the Independent party who would then determine the values of both entities.

Based on the results from this fairness opinion, it will be determined how the share values between Pyramid and Capco will be. The decision will be strictly analytical.

Temp'
So I'm guessing that the oil find off the coast as the prior message stated "we'll be updating shareholders", will be added to said values. All seems good so far... I think we'll see at least a 100% profit from .10cents, and those fortunate enough to buy below .10, well...

[SuperC]

Thanks pp01 :)

[THE INSIDER]

Shareholder PMed this to me...

Sal" <[e-mail]>
To: XXXXXXXXX
Subject: RE: Update
Date: Wednesday, 13 Jun 2007 11:49:15 -0700

We are currently updating our reserves data in light of some very recent positive information coming out of our Gulf Coast projects. We will be updating the shareholders very soon.

Sal Chaudhary
Capco Energy, Inc.
1800 W. Loop South
Suite # 1950
Houston, Texas 77027
713-622-5550 ext 110
713-622-5552 fax



---------------------------------------------------------------
Sent: Wednesday, June 13, 2007 7:43 AM
To: [e-mail]
Subject: Update

Dear Capco,

In the last news release their was some mention of an update regarding reserves. When can shareholders expect to get that information?

Thanks for your time.

[SuperC]

Heard more news is out...

[SuperC]

What I'd like too see, and I think it's doable based on both companies is this.

Shareholders of CGYN receive two share of PYR, giving us a value close to their.40cents when all is realized.
Thus raising our pps before that time to .20cents.

.20cent value x 2 = .40[approx]

Maybe that's just plain hopeful, but we'll see.

Temp'

[EricVan]

sounds good plz keep us update thanks

[SuperC]

ericvan, I hope to get a return call from the VP today. I left a message of concern regarding current pps, values from both companies, and how the street is perceiving this as I write.

Positive or not, I'll hopefully have something soon.

Temp'

[EricVan]

CGYN - 38 million in assets - Merger news - very undervalued

[sliverbullet]

By the way you can buy pyramid stock through your broker by using the pydpf.pk symbol. Look at pyr.v on yahoo finance to get current quote and buy using that as a guideline. I am thinking Pyramid is the stock to buy here. Just my opinion.

[sliverbullet]

I wonder how Pyramids stock will do? Since they will have a much higher valuation now as they have many more underlying assets. In turn more production.

[flagreg]

good re-entry point here @ .075

[flagreg]

Thinking of getting back in, i believe this one will pop again. Any other thoughts?

[SuperC]

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.

Personally not knowing that much about PYR, I'm suprised we didn't see a follow up on their side.

It's on their web site, but not through Yahoo:
http://www.pyramidpetroleum.com
http://finance.yahoo.com/q?s=pyr.v


Temp'

[SuperC]

bytheway... that was from the VP. What I did this a.m. was thank him for his latest response, then pose a question of value. Value in the pps regarding the "letter of intent". Not to have him state, nor did I ask in such a way as to get a response of "actual pps value", which I know he wouldn't anyway. But, does the current pps "in general" reflect a PYR value going forward?

As in can we get a hint as to a variable phrase, i.e. "current pps doesn't even come close", "somewhat, but...", "time going forward should prove otherwise" ", I think you get the picture.

Temp'

[SuperC]

From Mgt: "Another thought provoking question. I would not be able to answer this question so I will forward your email to management once more and provide you with their response. Further thought to your question: I reviewed the Press Release again and, it is my opinion, the transaction is not really focused on Pyramid’s acquisition of Capco’s shares, but the actual synergies between the business components from both companies. With Capco’s Gulf Coast operations experience and Pyramids existing “non-op” interests in the Gulf coast the combination makes logical sense. Furthermore, with Pyramids international experience, this brings a larger professional audience to offshore development, which is often misunderstood as a niche industry. I would urge you to continue emailing Capco with such questions often. It is important that Capco continues to strengthen its understanding of the market and be ever more cognizant to the pulse of its shareholders.

I had asked about the PR Heading, and why not address the "letter of intent" within the header. I see why now they didn't make the "letter of intent" as their main focus.

Temp'

[TrevorInAustin]

This is a steal, have yall checked out the companys asset's? Estimated around 38 million i believe, i don't think this price will last long at all.

[SuperC]

Well besides asking the obvious, assets, the header "business combination" and such things... anyone have something out of the ordinary, like, how's the weather? :)

Temp'

[bonedaddy77]

seems like a fricking bargain doesn't it. I'm looking forward to your update!

[SuperC]

Got a call into Ken, IR guy for a call back. Will let everyone know what I find out. Initially I find it puzzling that with "Capco's year end 2007 discounted value with the existing and additional assets is expected to exceed $38.0 million" with 116mil float, .08cents just doesn't cut it... :)

We'd be

patientemp

[bonedaddy77]

At this point I think it will be a slow gainer over time until acquisition is closer to being completed. Right now we are seeing the sell on news crowd dragging the price down.

[SuperC]

Seems float is a lot less than 55mil

[flagreg]

That was one heck of a shake

[SuperC]

Yeah and besides that 1k bringing it back to .095, watch, I'll bet ya less than 10k takes it back to .13

me

[flemsnopes]

It looks like the news finally went out to the general public at 2:33 EDT.

[SuperC]

About 1/2 of the sell of after the news were buys, as I bought 11,600 more. MM's got somebody good... won't take much to bring it back up.

Later

[JimmieZip]

Thanks for the bounce....

Shorts you need to go, take your cents. Longs hang around for the split, that'll be very interesting.

Jimmie

[SuperC]

It's the way they have it worded, ya think?

As in "business combination"? as a header?

As I missing something here? :)

"Letter of Intent whereby Pyramid would acquire all of the outstanding common shares of Capco".

Temp'