Cap Energy Ltd
LSE : CAPP

June 01, 2011 10:45 ET

Unaudited Results for the year ended 31 December 2010

                                                                                                         01/06/2011
                                                                                          GB00B0MH9D42/GBP/PLUS-exn
                                                          
                                                 CAP ENERGY LIMITED
                                              ("Cap" or the "Company")
                                                          
                                Unaudited Results for the year ended 31 December 2010
                                                                                                                    
                                                          
                                                CHAIRMAN'S STATEMENT

The Chairman presents his statement for the year ended 31 December 2010.

Cap's  interest  in  the Stark's Dome field continued to suffer production curtailments, caused by  failure  of  the
field's  water  disposal well which required replacement.  This was completed successfully in early 2011.   Although
three  of the oil wells have recently been placed back on full production, this was too late to generate any  income
in the year ended 31 December 2010.

The prolonged delay has naturally been very frustrating for the Company and their shareholders and Cap can only look
forward to a better year with production unhindered by technical problems. Cap is pleased that with the current  oil
price  and  normal oil production having resumed at these wells, positive revenues can be achieved to generate  good
operating surpluses.

Cap  continues to evaluate other possibilities, both corporate and operational, in the USA and elsewhere.  Cap  will
report  on  these in the event negotiations are successful. I wish to thank the Directors, officers and shareholders
of the Company for their support during the year.


T Hearley
Chairman

Date: 31 May 2011

The Directors present their report and the financial statements for the year ended 31 December 2010.

                                   UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                         FOR THE YEAR ENDED 31 DECEMBER 2010

                                                          
                                                                                             2010                2009
                                                                                               £                   £
                                                                                                   
TURNOVER                                                                                  4,642                38493
                                                                                                       
Cost of sales                                                                             (2931)              (37,048)
                                                                                                                                                                                                                                                GROSS PROFIT                                                                               1,711               1,445
                                                                                                    
Administrative expenses                                                                 (143,365)            (181,906)

Exceptional administrative expenses                                                     (17,169)             (104,986)
                                                                                                    
Total administrative expenses                                                           (160,534)            (286,892)
                                                                                       
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST                                             (158,823)            (285,447)
                                                                                                           
Interest receivable and similar income                                                         0                  18
                                                                                         
Amounts written off investments                                                          (7,750)              (5,000)
                                                                                        
Interest payable and similar charges                                                    (50,424)              (1,079)
                                                                                       
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                   (216,997)            (291,508)
                                                                                               
Tax on (loss)/profit on ordinary activities                                                    -                    -

                                                                                       
(LOSS)/PROFIT FOR THE FINANCIAL YEAR                                                   (216,997)            (291,508)

                                                                                                    
                                                                                                    

EARNINGS PER SHARE                                                                        (0.02)               (0.03)



                                                          
                                        UNAUDITED CONSOLIDATED BALANCE SHEET
                                               AS AT 31 DECEMBER 2010
                                                          
                                                                                  2010                          2009
                                                                      £                £             £               £
                                                                                                            
FIXED ASSETS                                                                     
                                                                                 
Tangible assets                                                                  540,252                      617,604
                                                                                  
Investments                                                                       12,250                       20,000

                                                                                                             
                                                                                 552,502                      637,604
                                                                                                           
CURRENT ASSETS
                                                                 
Debtors                                                          64,062                          74,002  
                                                                  
Cash at bank                                                      9,085                          60,000  

                                                                                                            
                                                                 73,147                         134,002  
                                                                
CREDITORS: amounts falling due within one year                  (49,780)                        (18,113) 
                                                                                 
NET CURRENT ASSETS/(LIABILITIES)                                                 23,367                       115,889
                                                                               
TOTAL ASSETS LESS CURRENT LIABILITIES                                           575,869                       753,493
                                                                              
CREDITORS: amounts falling due after more than
 one year                                                                      (532,316)                     (507,490)
                                                                                                           
NET ASSETS                                                                      43,553                        246,003

                                                                                                           
CAPITAL AND RESERVES
                                                                                 
Called up share capital                                                          43,737                        43,737
                                                                             
Share premium account                                                         1,375,084                     1,375,084
                                                                                 
Foreign exchange reserve                                                         11,074                        (3,373)
                                                                             
Profit and loss account                                                      (1,386,342)                   (1,169,345)
                                                                                                            
SHAREHOLDERS' FUNDS                                                              43,553                       246,003

The  financial statements have been prepared in accordance with the special provisions relating to companies subject
to  the  small  companies  regime  within Part 15 of the Companies Act 2006 and in  accordance  with  the  Financial
Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May
2011.



Timothy Hearley                                            John Killer
Director                                                   Director

                                                          
                                           UNAUDITED COMPANY BALANCE SHEET
                                               AS AT 31 DECEMBER 2010
                                                          
                                                                                  2010                          2008
                                                                      £                £             £               £
                                                                                                            
FIXED ASSETS
                                                                                  Investments                                                                       14,137                      21,887
                                                                                                           
CURRENT ASSETS                                                
                                                              
Debtors                                                       1,702,716                       1,598,599  
                                                                     
Cash at bank                                                         40                          49,322  
                                                                                                            
                                                              1,702,756                       1,647,921  
                                                                 
CREDITORS: amounts falling due within one year                  (48,981)                        (13,381) 
                                                                             
NET CURRENT ASSETS                                                           1,653,775                     1,634,540
                                                                             
TOTAL ASSETS LESS CURRENT LIABILITIES                                        1,667,912                     1,656,427   
                                                                              
CREDITORS: amounts falling due after more than
 one year                                                                     (532,316)                     (507,490)
                                                                             
NET ASSETS                                                                   1,135,596                     1,148,937

                                                                                                           
CAPITAL AND RESERVES
                                                                                 
Called up share capital                                                         43,737                        43,737
                                                                              
Share premium account                                                        1,375,084                     1,375,084
                                                                              
Profit and loss account                                                       (283,225)                     (269,884)
                                                                               
SHAREHOLDERS' FUNDS                                                          1,135,596                     1,148,937



Directors do not recommend the payment of a dividend for this period.

GOING CONCERN

As  detailed  in  the Chairman's statement, the principal assets now consists of the interests in the  Stark's  Dome
field  and related assets operated by CSV Holdings Inc. The directors believe that these assets represent value  and
that  there  is  the likelihood of strong cash-flow developing over the next year. Unfortunately the directors  have
been  unable  to obtain cash-flow projections from CSV Holdings Inc. and it appears likely that these  will  not  be
forthcoming for some time. For this reason the directors have not been able to produce forecasts sufficient to prove
that the group is a going concern.

The  Company has received financial support from CSV Holdings Inc. allowing the Company to continue to operate.  CSV
Holdings  Inc.  has  indicated that this support will continue until such time as the Company has raised  sufficient
funds to operate independently or has reached breakeven from operational cash-flows.
                                                          
                                                          
                                                          
The Directors of Cap are responsible for the contents of this announcement.

Contact details:

John Killer, Managing Director
Cap Energy Limited
John Killer
Tel: 07979 903673

Corporate Advisers:
St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Tel: 020 7368 6959



Contact Information

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