Capco to Sidetrack Exploratory Well in Galveston Block 297

Capco Energy reports that due to excessive gas pressures encountered at 13,350 feet, the Company has decided to sidetrack from the existing well bore and re-drill the entire section from approximately 8,500 feet to approximately 14,000 feet. During and after the drilling operation Capco will log and test zones of interest as planned in the well prognosis.

These measures are been taken after numerous attempts to drill through the over pressured zones failed. Capco is the operator of the prospect with about 47% working interest before payout and 40% after payout.

Mike Myers, President of Capco commented, "We have experienced recent delays due primarily to certain unexpected factors, including excessive gas pressures. Capco continues to take all measures to run a safe, legal, and rewarding operation. We expect to complete the drilling operation within two weeks."

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