Capco Sells 18% Stake In Greka Energy Inc. Corporate NewsWire Press Release BizWiz Company News BizWizWire

Capco Sells 18% Stake In Greka Energy Inc.

Marquette Ventures LLC

Sep 11, 2000

Capco Energy INC. (OTC BB: CPEG), a newly formed Oil and Gas Production company, announced today, that in an effort to streamline its cash reserves for pending acquisitions currently under negotiation, Capco has reached a settlement agreement with Greka Energy Inc. (NASDAQ NMS: GRKA), whereby Capco shall sell 18% of the outstanding shares in Greka back to the company for cash and cancellation of other liabilities with Greka.

This settlement dismisses all related litigation between the companies, and is scheduled to close by October 30, 2000.

After the completion of this transaction, Capco will continue to hold a 14% stake in Greka, which it plans to liquidate over time to finance proposed acquisitions.

Capco plans, over the coming months, to raise approximately $20 Million from the sales of its holdings in publicly traded companies, including Greka and Meteor Industries Inc. (NASDAQ SC: METR), and deploy that cash, plus related borrowings, in the acquisition and development of domestic and international reserves.

Capco also expects to be able to optimize its current investments in Petroleum Marketing and Technology concerns, in which it has been a source of Start up Capital. The plan is to divest such investments as further opportunities in the core business of acquisition and Development of Oil and Gas Reserves arise.

Capco is an Oil and Gas Company with current operations in California, Texas, Louisiana and Kansas.

For further information on Capco Energy Inc., please visit our website at www.capcoenergy.com

Except for historical information contained herein, the statements in this Release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results for future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, volatility of Oil prices, product demand, market competition, imprecision of reserve estimates, the availability of additional oil and gas assets for acquisition on commercially reasonable terms, and the Company's ability to replace and exploit its existing Oil and Gas Reserves. These and other risks are described in the Company's various filings with the Securities and Exchange Commission.

Contact: John R Aitken
Contact Email: Available to BizWiz Members
Contact Tel: 949-660-8082

Alt. Contact Email: Available to BizWiz Members
Alt. Contact Tel: 714-288-8230

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