CAPCO Begins Workover Activities in the Gulf of Mexico

CAPCO Energy has commenced workover activities on 4 wells in the Brazos 440 block. The Company expects to test potential horizons for gas production. CAPCO has completed work on the surface handling facilities over the last 3 months to provide for the capacity of handling an anticipated increase in gas volumes.

Also the Company announces that it has commenced drilling a well on the Green Ranch prospect located in Stephens County, Texas to test a conglomerate zone at a depth of 4,300 feet. The Company has a 92% working interest in this 4,000 acre prospect, which is based upon a seismic interpretation. Drilling results are expected to be available within two weeks. In March 2004, CAPCO had drilled a well to test the coal bed methane potential at a depth of 1,100 feet. The result of the test is inconclusive and the Company has suspended further testing of this zone.

CAPCO owns and operates 49 wells in the Gulf Coast Shelf region through 17 platforms, has onshore leasehold interests in Texas, and has additional non-operated producing properties in Montana, Michigan, Louisiana and Alabama.

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