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<TITLE>CAPCO ENERGY INC. REGISTRATION STATEMENT ON FORM S-8</TITLE>
<META NAME="author" CONTENT="Vanessa Calliham">
<META NAME="date" CONTENT="02/17/2005">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>As filed with the Securities and Exchange Commission on February 18, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>File Number 333-</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>=========================================================================</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Washington, DC 20549</P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center>FORM S-8</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>REGISTRATION STATEMENT</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>UNDER THE</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SECURITIES ACT OF 1933</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>________________________________________________________</P>
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<P style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt" align=center><U>CAPCO ENERGY, INC.</U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact Name of Registrant as Specified in its Charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=338.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Colorado</P>
</TD><TD valign=top width=338.4><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>84-0846529</P>
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<TR><TD valign=top width=338.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State or Other Jurisdiction of Incorporation or Organization)</P>
</TD><TD valign=top width=338.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(IRS Employer ID No.)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5555 San Felipe, Suite 725</P>
<P style="margin:0pt; padding-left:144pt; text-indent:-144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Houston, Texas 77056</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of Principal Executive Offices)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>1999 INCENTIVE EQUITY PLAN</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Full Title of the Plan)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Ilyas Chaudhary</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Chief Financial Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>12241 Newport Avenue, Suite 221</P>
<P style="margin:0pt; padding-left:144pt; text-indent:-144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Santa Ana, California 92705</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Name and Address of Agent for Service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(714) 734-6876</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Telephone Number, Including Area Code, of Agent for Service)</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>1</P>
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<P style="margin:0pt; text-indent:134pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CALCULATION OF REGISTRATION FEE</P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.75pt solid #FFFFFF" valign=bottom width=124.8><P style="margin:0pt; line-height:6pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Title of Securities</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;<U>to be Registered</U></P>
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<P style="margin:0pt; font-family:Times New Roman">Amount to be </P>
<P style="margin:0pt; font-family:Times New Roman"><U>Registered</U></P>
</TD><TD style="border-top:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=bottom width=146.4><P style="margin:0pt; line-height:6pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Proposed Maximum </P>
<P style="margin:0pt; font-family:Times New Roman">Offering Price </P>
<P style="margin:0pt; font-family:Times New Roman"><U>Per Share</U>(1)</P>
</TD><TD style="border-top:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=bottom width=148.8><P style="margin:0pt; line-height:6pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Proposed Maximum</P>
<P style="margin:0pt; font-family:Times New Roman">Aggregate Offering </P>
<P style="margin:0pt; font-family:Times New Roman"><U>Price</U></P>
</TD><TD style="border-top:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" valign=bottom width=79.2><P style="margin:0pt; line-height:6pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Amount </P>
<P style="margin:0pt; font-family:Times New Roman"><U>of&nbsp;Fee</U>(1)</P>
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<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=124.8><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">Stock Options/</P>
<P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">&nbsp;&nbsp;Common</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=124.8><P style="margin-top:0pt; margin-bottom:2.4pt; text-indent:-0.1pt; font-family:Times New Roman">2,200,000</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=146.4><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">$0.175</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=148.8><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">$385,000</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=79.2><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">$45.31</P>
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<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=124.8><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">Common Stock</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=124.8><P style="margin-top:0pt; margin-bottom:2.4pt; text-indent:-0.1pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;<U>925,714</U></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=146.4><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">$0.175</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=148.8><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman"><U>$162,000</U></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=79.2><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman"><U>$19.07</U></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=124.8><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">&nbsp;&nbsp;TOTAL</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=124.8><P style="margin-top:0pt; margin-bottom:2.4pt; text-indent:-0.1pt; font-family:Times New Roman">3,125,714</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=146.4>&nbsp;</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=148.8><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">$547,000</P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:0.75pt solid #FFFFFF" width=79.2><P style="margin-top:0pt; margin-bottom:2.4pt; font-family:Times New Roman">$64.38</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1) &nbsp;Calculated @ $0.0001177 pursuant to Rule 457(h) under the Securities Act of 1933, as amended. </P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>2</P>
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<P style="margin:0pt; padding-left:180pt; text-indent:-180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PART I</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 1. &nbsp;&nbsp;&nbsp;Plan Information.*</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 2. &nbsp;&nbsp;&nbsp;Registrant Information and Employee Plan Annual Information.*</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">_______________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information &nbsp;required by Part I to be &nbsp;contained &nbsp;in the Section &nbsp;10(a) prospectus is omitted from the registration statement in accordance with Rule 428 under the Securities &nbsp;Act of 1933, as amended, &nbsp;and the Note to Part I of Form S-8.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PART II</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 3. &nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed by Capco Energy, Inc. (the &nbsp;&quot;Company&quot;) with &nbsp;the &nbsp;Securities &nbsp;and &nbsp;Exchange Commission are incorporated herein by reference:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The &nbsp;Company's &nbsp;annual &nbsp;report on Form &nbsp;10-KSB for the fiscal year ended December 31, 2003;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other reports of the Company &nbsp;filed &nbsp;pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, &nbsp;since the end of the fiscal year covered by the report described in (a) above;</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's Registration Statement number 2-73529 in which there is described the terms, &nbsp;rights and provisions &nbsp;applicable to the Company's outstanding &nbsp;Common &nbsp;Stock, &nbsp;and all &nbsp;amendments &nbsp;and reports filed for the purpose of updating that description; and</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All &nbsp;documents &nbsp;subsequently &nbsp;filed &nbsp;by the &nbsp;Company &nbsp;pursuant &nbsp;to Sections 13 (a), 13 (c), 14 and 15 (d) of the &nbsp;Securities &nbsp;and Exchange Act of 1934, &nbsp;as &nbsp;amended, &nbsp;prior to the filing of a &nbsp;post-effective &nbsp;amendment which &nbsp;indicates &nbsp;that &nbsp;all &nbsp;securities &nbsp;offered &nbsp;have &nbsp;been &nbsp;sold or which deregisters &nbsp;all securities &nbsp;then remaining &nbsp;unsold, &nbsp;shall be deemed to be incorporated &nbsp;herein by &nbsp;reference &nbsp;and to be part &nbsp;hereof from the date of filing of such documents.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>3</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 4. &nbsp;&nbsp;&nbsp;Description of Securities.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 5. &nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 6. &nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section &nbsp;7-109-101, &nbsp;et seq., &nbsp;of the &nbsp;Colorado &nbsp;Business &nbsp;Corporation &nbsp;Act generally &nbsp;provides that a Corporation &nbsp;may indemnify its &nbsp;directors, &nbsp;officers, employees, &nbsp;fiduciaries and agents against &nbsp;liabilities and reasonable &nbsp;expenses incurred in connection with any threatened, &nbsp;pending, &nbsp;or completed action, suit or proceeding, &nbsp;whether formal or informal (a &quot;Proceeding&quot;), &nbsp;by reason of being or &nbsp;having &nbsp;been a &nbsp;director, &nbsp;officer, &nbsp;employee, &nbsp;fiduciary &nbsp;or &nbsp;agent &nbsp;of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">corporation, if such person acted in good faith and reasonably believed that his conduct, in his official capacity, was in the best interests of the corporation, and in all other cases his conduct was at least not opposed to the corporation's best interests. &nbsp;In the case of a criminal &nbsp;proceeding, &nbsp;the director, &nbsp;officer, employee, &nbsp;fiduciary &nbsp;or agent &nbsp;must have no &nbsp;reasonable &nbsp;cause to &nbsp;believe &nbsp;his conduct was unlawful. &nbsp;Under Colorado Law, the &nbsp;corporation &nbsp;may not indemnify a director, officer, employee, &nbsp;fiduciary or agent in connection with a Proceeding</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">by or in the right of the &nbsp;corporation if the director is adjudged liable to the corporation, &nbsp;or in a Proceeding &nbsp;in which the &nbsp;director, &nbsp;officer, &nbsp;employee or agent is adjudged liable for an improper personal benefit.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's Article of Incorporation and By-Laws provide that the Company shall &nbsp;indemnify its officers and directors to the full extent &nbsp;permitted by the law. The &nbsp;indemnification &nbsp;provisions in the Company's By-Laws are substantially similar to the provisions of Section 7-109-101, &nbsp;et seq. The Company has entered into &nbsp;agreements &nbsp;to provide &nbsp;indemnification &nbsp;for the &nbsp;Company's &nbsp;directors and certain officers &nbsp;consistent with the Company's &nbsp;Articles of &nbsp;Incorporation &nbsp;and By-Laws.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 7. &nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>4</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ITEM 8. &nbsp;&nbsp;&nbsp;Exhibits.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Number</U></P>
<P style="margin:0pt; text-indent:153pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Title</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.1</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Articles of &nbsp;Incorporation &nbsp;of the Company (filed as Exhibit 4 to the Company's &nbsp;Registration &nbsp;Statement number 2-73529, and all amendments and reports filed for the purpose of updating the &nbsp;description of the Articles of Incorporation).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.2</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By-Laws &nbsp;of &nbsp;the &nbsp;Company &nbsp;(filed &nbsp;as &nbsp;Exhibit &nbsp;5 &nbsp;to &nbsp;the &nbsp;Company's Registration Statement number 2-73529, and all amendments and reports filed for the purpose of updating the description of the By-Laws).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Opinion of William J. Hickey, Esq., as to the validity of the Securities registered hereunder.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of &nbsp;William J. Hickey, Esq.(set forth in the opinion filed as Exhibit 5 to this Registration Statement).</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.2</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Stonefield Josephson, Inc., &nbsp;Certified Public Accountants.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 9. &nbsp;&nbsp;&nbsp;Undertakings.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:6pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>
<P style="margin-top:6pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin:0pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to include any prospectus required by Section 10 (a) (3) of the Securities Act of 1933;</P>
<P style="margin-top:6pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii) </P>
<P style="margin:0pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to &nbsp;reflect in the prospectus any facts or events which, individually or in the &nbsp;aggregate, represent a fundamental &nbsp;change in the information set forth in the registration statement;</P>
<P style="margin-top:6pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin:0pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">to include any additional or changed material information on the plan of &nbsp;distribution; provided, however, that paragraphs &nbsp;(A)(1)(i) and (A)(1)(ii) &nbsp;do not apply if the &nbsp;information &nbsp;required &nbsp;to be included in a post-effective amendment by those paragraphs &nbsp;is &nbsp;contained &nbsp;in periodic reports &nbsp;filed by the &nbsp;Registrant &nbsp;pursuant &nbsp;to Section 13 or 15 (d) of the Securities &nbsp;Exchange Act of 1934 that are &nbsp;incorporated by reference in the registration statement.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each &nbsp;such &nbsp;post-effective &nbsp;amendment &nbsp;shall be deemed to be a new registration &nbsp;statement &nbsp;relating to the &nbsp;securities &nbsp;offered &nbsp;therein, &nbsp;and the offering of such &nbsp;securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>5</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
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<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective &nbsp;amendment any of the securities being registered which remain unsold at the termination of the offering.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The undersigned &nbsp;Registrant &nbsp;hereby undertakes that, for purposes of determining &nbsp;any liability &nbsp;under the Securities Act of 1933, &nbsp;each filing of the &nbsp;Registrant's &nbsp;annual &nbsp;report &nbsp;pursuant &nbsp;to &nbsp;Section &nbsp;13(a) &nbsp;or 15(d) of the Securities &nbsp;Exchange &nbsp;Act of 1934 &nbsp;that is &nbsp;incorporated &nbsp;by &nbsp;reference &nbsp;in this registration &nbsp;statement &nbsp;shall &nbsp;be &nbsp;deemed &nbsp;to be a new &nbsp;registration &nbsp;statement related to the securities &nbsp;offered therein, &nbsp;and the offering of such securities</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The undersigned &nbsp;Registrant &nbsp;hereby &nbsp;undertakes that, &nbsp;insofar as indemnification &nbsp;for liabilities arising under the Securities Act of 1933 may be permitted to &nbsp;directors, &nbsp;officers &nbsp;and &nbsp;controlling &nbsp;persons of the &nbsp;Registrant pursuant to the provisions &nbsp;described in Item 6 of this registration &nbsp;statement, or &nbsp;otherwise, &nbsp;the &nbsp;Registrant &nbsp;has been &nbsp;advised &nbsp;that in the &nbsp;opinion &nbsp;of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, &nbsp;therefore, &nbsp;unenforceable. &nbsp;In the event that a</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">claim for &nbsp;indemnification &nbsp;against such liabilities &nbsp;(other than the payment by the &nbsp;Registrant &nbsp;of &nbsp;expenses &nbsp;incurred &nbsp;or &nbsp;paid &nbsp;by &nbsp;a &nbsp;director, &nbsp;officer &nbsp;or controlling &nbsp;person of the Registrant in the &nbsp;successful &nbsp;defense of any action, suit or proceeding) is asserted by such director, &nbsp;officer or controlling person in connection with the securities being registered, &nbsp;the Registrant will, unless in the &nbsp;opinion &nbsp;of its &nbsp;counsel &nbsp;the matter &nbsp;has been &nbsp;settled &nbsp;by &nbsp;controlling</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">precedent, &nbsp;submit to a court of appropriate &nbsp;jurisdiction &nbsp;the question whether such &nbsp;indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
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<P style="margin:0pt; font-family:Times New Roman" align=center>6</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SIGNATURE</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the &nbsp;requirements of the Securities Act of 1933, the Registrant certifies &nbsp;that it has &nbsp;reasonable &nbsp;grounds to believe &nbsp;that it meets all of the requirements &nbsp;of &nbsp;filing &nbsp;on Form &nbsp;S-8 and has &nbsp;duly &nbsp;caused &nbsp;this &nbsp;Registration Statement to be signed on its behalf by the undersigned, in the city of Santa Ana, State of California on February 17, 2005. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:220.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">CAPCO ENERGY INC.</P>
<P style="margin:0pt; padding-left:220.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:220.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:220.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By: <U>/s/ Ilyas Chaudhary</U></P>
<P style="margin:0pt; padding-left:220.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ilyas Chaudhary</P>
<P style="margin:0pt; padding-left:220.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer and Chairman</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement was signed by the following persons in the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Signatures</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Title</U></P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Date</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Ilyas Chaudhary</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chairman of the Board </P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ilyas Chaudhary</P>
<P style="margin:0pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and Chief Executive Officer</P>
<P style="margin:0pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Principal Executive Officer)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ J. Michael Myers</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President and Director</P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">J. Michael Myers</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:130.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Ilyas Chaudhary</U> </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer</P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005 </P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Ilyas Chaudhary &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Principal Financial </P>
<P style="margin:0pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Officer)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ William J. Hickey, Esq.</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Secretary and Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005 &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">William J. Hickey, Esq.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Paul Hayes</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director </P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Paul Hayes</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Irwin M. Kaufman</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director &nbsp;</P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Irwin M. Kaufman</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Dennis R. Staal</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director </P>
<P style="margin:0pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">February 17, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dennis R. Staal</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>7</P>
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<P style="margin:0pt; padding-left:144pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT INDEX</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Exhibits are filed as part of this registration statement pursuant to Item 601 of Regulation S-B and are specifically &nbsp;incorporated herein by this reference:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit Number</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In Registration</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Statement </U></P>
<P style="margin:0pt; text-indent:198pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Description</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.1</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Articles of &nbsp;Incorporation &nbsp;of the Company (filed as Exhibit 4 to the Company's &nbsp;Registration &nbsp;Statement number 2-73529, and all amendments and reports filed for the purpose of updating the &nbsp;description of the Articles of Incorporation).</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.2 </P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By-Laws &nbsp;of &nbsp;the &nbsp;Company &nbsp;(filed &nbsp;as &nbsp;Exhibit &nbsp;5 &nbsp;to &nbsp;the &nbsp;Company's Registration Statement number 2-73529, and all amendments and reports filed for the purpose of updating the description of the By-Laws).</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5 &nbsp;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Opinion of William J. Hickey, Esq., as to the validity of the Securities registered hereunder.</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1 &nbsp;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of &nbsp;William J. Hickey, Esq.(set forth in the opinion filed as Exhibit 5 to this Registration Statement).</P>
<P style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.2 &nbsp;</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Stonefield Josephson, Inc., &nbsp;Certified Public Accountants.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>8</P>
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{"company-data": {"conformed-name": "CAPCO ENERGY INC", "cik": "0000354767", "assigned-sic": "1311", "irs-number": "840846529", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-122889", "film-number": "05625150"}, "business-address": {"street1": "5555 SAN FELIPE", "street2": "SUITE 725", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "713-622-5550"}, "mail-address": {"street1": "5555 SAN FELIPE", "street2": "SUITE 725", "city": "HOUSTON", "state": "TX", "zip": "77056"}, "former-company": {"former-conformed-name": "ALFA RESOURCES INC", "date-changed": "19920703"}}
CAPCO ENERGY INC. REGISTRATION STATEMENT ON FORM S-8
As filed with the Securities and Exchange Commission on February 18, 2005
File Number 333-
=========================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
________________________________________________________
CAPCO ENERGY, INC.
(Exact Name of Registrant as Specified in its Charter)
Colorado
84-0846529
(State or Other Jurisdiction of Incorporation or Organization)
(IRS Employer ID No.)
5555 San Felipe, Suite 725
Houston, Texas 77056
(Address of Principal Executive Offices)
1999 INCENTIVE EQUITY PLAN
(Full Title of the Plan)
Ilyas Chaudhary
Chief Financial Officer
12241 Newport Avenue, Suite 221
Santa Ana, California 92705
(Name and Address of Agent for Service)
(714) 734-6876
(Telephone Number, Including Area Code, of Agent for Service)
1
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to be
Registered
Proposed Maximum
Offering Price
Per Share
(1)
Proposed Maximum
Aggregate Offering
Price
Amount
of Fee
(1)
Stock Options/
Common
2,200,000
$0.175
$385,000
$45.31
Common Stock
925,714
$0.175
$162,000
$19.07
TOTAL
3,125,714
$547,000
$64.38
(1)  Calculated @ $0.0001177 pursuant to Rule 457(h) under the Securities Act of 1933, as amended.
2
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM 1.    Plan Information.*
ITEM 2.    Registrant Information and Employee Plan Annual Information.*
_______________
*       Information  required by Part I to be  contained  in the Section  10(a) prospectus is omitted from the registration statement in accordance with Rule 428 under the Securities  Act of 1933, as amended,  and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3.    Incorporation of Documents by Reference.
The following documents previously filed by Capco Energy, Inc. (the  "Company") with  the  Securities  and  Exchange Commission are incorporated herein by reference:
(a) The  Company's  annual  report on Form  10-KSB for the fiscal year ended December 31, 2003;
(b) All other reports of the Company  filed  pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended,  since the end of the fiscal year covered by the report described in (a) above;
(c) The Company's Registration Statement number 2-73529 in which there is described the terms,  rights and provisions  applicable to the Company's outstanding  Common  Stock,  and all  amendments  and reports filed for the purpose of updating that description; and
(d) All  documents  subsequently  filed  by the  Company  pursuant  to Sections 13 (a), 13 (c), 14 and 15 (d) of the  Securities  and Exchange Act of 1934,  as  amended,  prior to the filing of a  post-effective  amendment which  indicates  that  all  securities  offered  have  been  sold or which deregisters  all securities  then remaining  unsold,  shall be deemed to be incorporated  herein by  reference  and to be part  hereof from the date of filing of such documents.
3
ITEM 4.    Description of Securities.
Not applicable.
ITEM 5.    Interests of Named Experts and Counsel.
Not applicable.
ITEM 6.    Indemnification of Directors and Officers.
Section  7-109-101,  et seq.,  of the  Colorado  Business  Corporation  Act generally  provides that a Corporation  may indemnify its  directors,  officers, employees,  fiduciaries and agents against  liabilities and reasonable  expenses incurred in connection with any threatened,  pending,  or completed action, suit or proceeding,  whether formal or informal (a "Proceeding"),  by reason of being or  having  been a  director,  officer,  employee,  fiduciary  or  agent  of the
corporation, if such person acted in good faith and reasonably believed that his conduct, in his official capacity, was in the best interests of the corporation, and in all other cases his conduct was at least not opposed to the corporation's best interests.  In the case of a criminal  proceeding,  the director,  officer, employee,  fiduciary  or agent  must have no  reasonable  cause to  believe  his conduct was unlawful.  Under Colorado Law, the  corporation  may not indemnify a director, officer, employee,  fiduciary or agent in connection with a Proceeding
by or in the right of the  corporation if the director is adjudged liable to the corporation,  or in a Proceeding  in which the  director,  officer,  employee or agent is adjudged liable for an improper personal benefit.
The Company's Article of Incorporation and By-Laws provide that the Company shall  indemnify its officers and directors to the full extent  permitted by the law. The  indemnification  provisions in the Company's By-Laws are substantially similar to the provisions of Section 7-109-101,  et seq. The Company has entered into  agreements  to provide  indemnification  for the  Company's  directors and certain officers  consistent with the Company's  Articles of  Incorporation  and By-Laws.
ITEM 7.    Exemption from Registration Claimed.
Not applicable.
4
ITEM 8.    Exhibits.
Exhibit
Number
Title
4.1
Articles of  Incorporation  of the Company (filed as Exhibit 4 to the Company's  Registration  Statement number 2-73529, and all amendments and reports filed for the purpose of updating the  description of the Articles of Incorporation).
4.2
By-Laws  of  the  Company  (filed  as  Exhibit  5  to  the  Company's Registration Statement number 2-73529, and all amendments and reports filed for the purpose of updating the description of the By-Laws).
5
Opinion of William J. Hickey, Esq., as to the validity of the Securities registered hereunder.
23.1
Consent of  William J. Hickey, Esq.(set forth in the opinion filed as Exhibit 5 to this Registration Statement).
23.2
Consent of Stonefield Josephson, Inc.,  Certified Public Accountants.
Item 9.    Undertakings.
The undersigned Registrant hereby undertakes:
(A) (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
to include any prospectus required by Section 10 (a) (3) of the Securities Act of 1933;
(ii)
to  reflect in the prospectus any facts or events which, individually or in the  aggregate, represent a fundamental  change in the information set forth in the registration statement;
(iii)
to include any additional or changed material information on the plan of  distribution; provided, however, that paragraphs  (A)(1)(i) and (A)(1)(ii)  do not apply if the  information  required  to be included in a post-effective amendment by those paragraphs  is  contained  in periodic reports  filed by the  Registrant  pursuant  to Section 13 or 15 (d) of the Securities  Exchange Act of 1934 that are  incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each  such  post-effective  amendment  shall be deemed to be a new registration  statement  relating to the  securities  offered  therein,  and the offering of such  securities at that time shall be deemed to be the initial bona fide offering thereof.
5
(3) To remove from registration by means of a post-effective  amendment any of the securities being registered which remain unsold at the termination of the offering.
(B) The undersigned  Registrant  hereby undertakes that, for purposes of determining  any liability  under the Securities Act of 1933,  each filing of the  Registrant's  annual  report  pursuant  to  Section  13(a)  or 15(d) of the Securities  Exchange  Act of 1934  that is  incorporated  by  reference  in this registration  statement  shall  be  deemed  to be a new  registration  statement related to the securities  offered therein,  and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(C) The undersigned  Registrant  hereby  undertakes that,  insofar as indemnification  for liabilities arising under the Securities Act of 1933 may be permitted to  directors,  officers  and  controlling  persons of the  Registrant pursuant to the provisions  described in Item 6 of this registration  statement, or  otherwise,  the  Registrant  has been  advised  that in the  opinion  of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is,  therefore,  unenforceable.  In the event that a
claim for  indemnification  against such liabilities  (other than the payment by the  Registrant  of  expenses  incurred  or  paid  by  a  director,  officer  or controlling  person of the Registrant in the  successful  defense of any action, suit or proceeding) is asserted by such director,  officer or controlling person in connection with the securities being registered,  the Registrant will, unless in the  opinion  of its  counsel  the matter  has been  settled  by  controlling
precedent,  submit to a court of appropriate  jurisdiction  the question whether such  indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
6
SIGNATURE
Pursuant to the  requirements of the Securities Act of 1933, the Registrant certifies  that it has  reasonable  grounds to believe  that it meets all of the requirements  of  filing  on Form  S-8 and has  duly  caused  this  Registration Statement to be signed on its behalf by the undersigned, in the city of Santa Ana, State of California on February 17, 2005.
CAPCO ENERGY INC.
By:
/s/ Ilyas Chaudhary
Ilyas Chaudhary
Chief Executive Officer and Chairman
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement was signed by the following persons in the capacities and on the dates indicated.
Signatures
Title
Date
/s/ Ilyas Chaudhary
Chairman of the Board
February 17, 2005
Ilyas Chaudhary
and Chief Executive Officer
(Principal Executive Officer)
/s/ J. Michael Myers
President and Director
February 17, 2005
J. Michael Myers
/s/ Ilyas Chaudhary
Chief Financial Officer
February 17, 2005
Ilyas Chaudhary
(Principal Financial
Officer)
/s/ William J. Hickey, Esq.
Secretary and Director
February 17, 2005
William J. Hickey, Esq.
/s/ Paul Hayes
Director
February 17, 2005
Paul Hayes
/s/ Irwin M. Kaufman
Director
February 17, 2005
Irwin M. Kaufman
/s/ Dennis R. Staal
Director
February 17, 2005
Dennis R. Staal
7
EXHIBIT INDEX
The following Exhibits are filed as part of this registration statement pursuant to Item 601 of Regulation S-B and are specifically  incorporated herein by this reference:
Exhibit Number
In Registration
Statement
Description
4.1
Articles of  Incorporation  of the Company (filed as Exhibit 4 to the Company's  Registration  Statement number 2-73529, and all amendments and reports filed for the purpose of updating the  description of the Articles of Incorporation).
4.2
By-Laws  of  the  Company  (filed  as  Exhibit  5  to  the  Company's Registration Statement number 2-73529, and all amendments and reports filed for the purpose of updating the description of the By-Laws).
5
Opinion of William J. Hickey, Esq., as to the validity of the Securities registered hereunder.
23.1
Consent of  William J. Hickey, Esq.(set forth in the opinion filed as Exhibit 5 to this Registration Statement).
23.2
Consent of Stonefield Josephson, Inc.,  Certified Public Accountants.
8