CARENCRO, La., March 22, 2005 (PRIMEZONE) -- Gulf Petroleum Exchange, Inc. (Pink Sheets:GFPE) announced today that the company has acquired an option to purchase Acadiana Oil & Environmental, Inc., a south Louisiana crude oil gathering company. The agreement gives Gulf Petroleum access to Acadiana's books and records and allows sufficient time for Gulf Petroleum to perform an in-depth appraisal of Acadiana
The president of Gulf Petroleum, Mr. Warren (Skip) Wheeler, stated that "An analysis of ongoing and market and production trends involving hydrocarbon-derived fuels suggests there is a substantial window of opportunity for the expansion of smaller companies that collect and blend fuel oil and crude oil streams to a higher value."
Gulf Petroleum has identified two companies that are debt-free, well-managed and, together, have hard assets worth several million dollars. Acadiana is but the first candidate for an expansion into a larger and more efficient organization.
Gulf Petroleum's goal is clear and straightforward, which is: determination to build a profitable company with a high revenue dollar per employee per barrel sold. To accomplish this requires engaging top-of-the-line people and outsourcing as much of the mundane as possible. Our motto is "Do a lot with a little"
About Gulf Petroleum Exchange:
The founder and current president, Warren (Skip) Wheeler, has over 45 years' experience in drilling, production, refining and upstream sales sectors of the oil industry, and organized Gulf Petroleum Exchange in 1997 as a fuel and crude oil trading and brokering company. However, due to the precipitous decline in oil prices in late 1997, the company began utilizing the acquired knowledge of its president to perform on-site demulsification and reclamation of non-hazardous industrial and oilfield waste hydrocarbons and selling the resultant products into the appropriate markets, i.e. industrial fuel oil, crude oil etc.
About Acadiana Oil & Environmental:
Acadiana Oil & Environmental, Inc. is a 12-year-old privately held corporation that is a "first" purchaser of crude oil and natural gas liquids (buys from the producer at the well-head). Acadiana owns one terminal with approximately 45,000 barrels of storage and two acres of property and leases one terminal with 30,000 barrels of storage; both facilities are accessible by barge and truck.
Forward-Looking Statements:
Statements herein which contain "forward-looking statements," as defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results described above may differ materially from projections in such forward-looking statements. Significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including the company's dependence on third parties, general market and economic conditions, technical factors, the availability of capital, receipt of revenues and other factors, many of which are beyond the control of the company.