Capital Energy Corporation, ("Capital Energy"), is a Utah corporation, which was organized in September of 1995. The offices of Capital Energy are located at 170 North 400 East, St. George, Utah 84770. As of December 31, 2003, Capital Energy has participated in the drilling of 113 wells, in the states of Texas, Lousiana, Mississippi and on the north island of New Zealand. Of the 113 wells, 29 wells were defined as wild cat wells and the remaining 84 wells were drilled as development wells. Of the 29 wildcat wells, 14 were successful in discovering and producing commercial quantities of natural gas or crude oil. Of the 84 developmental wells, 65 wells were successful in discovering and producing commercial quantities of natural gas or crude oil. This equates to an overall success rate of 70%.

Capital Energy has a history of approximately eight years of operations and intends to maintain an active role in the oil and natural gas industry as a sponsor of oil and natural gas drilling programs and as a participant in oil and natural gas drilling programs. Capital Energy is currently a member of the North Texas Oil and Gas Association. The officers and directors of Capital Energy have numerous years of experience in management, acquisitions, exploration and development of oil and natural gas properties, and operation of producing properties. The officers and directors of Capital Energy are as follows:

Todd L. Vowell, age 36, 170 North 400 East, St. George, Utah, has been the President and majority shareholder of Capital Energy since its inception. Previously, Mr. Vowell received his initial oil and natural gas experience while employed with Arthur Andersen, LLP in Salt Lake City, Utah from September of 1990 to September of 1995. Mr. Vowell is a registered and licensed CPA in the state of Utah, is a member of the Utah Association of Certified Public Accountants, the American Institute of Certified Public Accounts and the Council of Petroleum Accountants Societies. Mr. Vowell received a Bachelor of Science degree in accounting from the University of Utah in September of 1990.

Jason T. Vowell, age 27, 170 North 400 East, St. George, Utah, has been Vice President and a shareholder of Capital Energy since April 1, 1998. Previously, Mr. Vowell was employed by Randall Industries, Inc. from the period of May 1986 to March 1998. During the period of January 1996 to March 1998, Mr. Vowell acted as General Manager over operations for Randall Industries, Inc.

Capital Energy has and will continue to employ, from time to time, the services of professional petroleum consultants, engineers and geologists as required for prospect and lease acquisition, geological analysis, project engineering, completion and equipment design, reservoir engineering and production techniques. Capital Energy believes the utilization of services of consulting specialists provides it with greater opportunities to effectively perform in its business of exploration and production of oil and natural gas





Copyright © 1999 Capital Energy Corp.  All right reserved