NEW YORK, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTCMkts:PGAS) announced today that it has acquired 100% of the Membership Units of Petrogress Int’l, LLC, a Delaware limited liability company (“PIL”). PIL was formed in early 2017 by Chairman Christos P. Traios as a Special Purpose Vehicle to allow pursuit of speculative business opportunities in Africa and elsewhere independent of Petrogress, Inc.; several of these business opportunities now appear sufficiently developed and imminent, such that it is now appropriate to consolidate PIL’s business into Petrogress, Inc. PIL will operate as a wholly-owned subsidiary of Petrogress, Inc. to conduct, among other things, oil trading and related energy activities in Cyprus, Nigeria and Ghana. Petrogress, Inc. paid Mr. Traios $1.00 for the Units. Its business and accounting operations will be consolidated into Petrogress, Inc.’s effective immediately, and be reported in its financial disclosures commencing with the 3Q Form 10-Q.
Mr. Traios stated, “I’ve done business in Africa for many years, and have learned it is necessary to exercise great care in any new venture and in dealing with new partners, including with respect to proper relations with governments and government officials. We’ve been presented with great opportunities in Africa, including further development of existing business in Nigeria and Ghana, and, potentially, Libya, along with new business in Cyprus. Although we understand the importance of, and remain committed to, complete transparency in our dealings with shareholders in the public markets, the use of Special Purpose Vehicles serves many important purposes in this arena.”
Petrogress, Inc. is establishing a fully integrated international oil and gas company, with E&P operations; shipping and transport services; and, through PIL, physical commodities trading facilities.
With respect to E&P operations in the US, Petrogress has entered into a comprehensive consulting agreement with Texas oilman Charles Stidham to identify oil and gas prospects in New Mexico, Texas and Louisiana, and to assist in negotiations to acquire integrated oil and gas companies with pipeline access to the Chenier LNG facilities at Sabine Pass in Port Arthur, Texas. Mr. Stidham will work directly with Petrogress Oil and Gas, Inc., a wholly owned subsidiary of Petrogress, Inc. Mr. Stidham has over 30 years of experience providing investment banking and other financing services to oil and gas service and E&P companies, and has also developed and operated oil and gas properties in West and East Texas.
Mr. Stidham added, “Christos and I have been looking for the right deal to work on together for over 20 years. I think we’re both contrarians of sorts, and I believe the current down market has created some very attractive E&P investments in Texas and surrounding areas, whether as an operator or otherwise, especially now that domestic producers are at liberty to export oil and gas to higher priced and politically sensitive foreign markets. Petrogress, Inc.’s access to European energy markets provides some great integration prospects for direct US E&P investments.”
About Petrogress, Inc.
Petrogress, Inc. owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands subsidiaries. Its principal and CEO, Christos P. Traios, has over 30 years of experience in operating and managing shipping operations from Greece. Currently, the Company’s ships trade off the coast of West Africa, transporting crude oil, distillates and refined products. It is actively seeking expansion opportunities, including in operating and developing natural gas production and transmission facilities along with LNG processing in the U.S., and transport and sales of LNG in Europe.
Safe Harbor Statement
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