The Company had total operating revenues, an operating loss and net loss of $3.6 million, $3.0 million and $3.6 million, respectively, for the year 2005. For the year 2004, the Company reported total operating revenues of $6.2 million, an operating profit of $1.1 million and net income of $0.7 million. The results of operations for years 2005 and 2004 included non-cash charges of $1.9 million and $0.9 million, respectively.
The Company's production volumes decreased from 143,300 barrels of oil equivalent ("BOE") in year 2004 to 61,500 BOE in year 2005. Non-operated property interests disposed of by the Company in the fourth quarter of 2004 had provided production of 91,700 BOE and revenue of $3.0 million in 2004. These losses were partially offset by production gains from the Company's other producing properties.
Ilyas Chaudhary, CEO of Capco, said, "In 2005, the Company operated and drilled an exploratory well in Galveston County, Texas Federal Waters jurisdictions. The well costs increased from an original estimate of $4.5 million to $11.0 million and caused a significant impact on the financial position of the Company. Since then Capco has gradually improved its financial and operational abilities and has now returned to its original business plan which was to make selected acquisitions, return to production non producing wells and participate in selected exploration programs."
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