SCOTT, La., May 24, 2011 (GLOBE NEWSWIRE) -- ESP Resources, Inc. (OTCBB:ESPI) (the "Company" or "ESP Resources"), a manufacturer, blender, distributor, and marketer of specialty chemicals and analytical services to the oil and gas industry, announced that it has signed a Reseller and License Agreement ("Agreement") with a Bahrain-based petroleum trade company, BPT Americas, LLC ("BPT "), as the sole authorized reseller of all of the Company's petrochemical products in the Middle East, including Northern Africa and Russia.
BPT, which maintains a representative office in Manama, Kingdom of Bahrain, supplies materials to clients within the represented areas in the oil and gas, chemical and petrochemical, corrosion protection, power generating, pipeline construction and refining industries. BPT has extensive relationships with several of the national oil companies located in the Middle East and Northern Africa.
The Agreement is for an initial term of one year, with a five year renewal period. Through this Agreement, testing is already underway of ESP Resources' entire petrochemical product line to Tatweer Petroleum-Bahrain Field Development, a joint operating entity between a major oil and gas exploration company and the National Oil and Gas Authority of Bahrain. One of ESP Resources' senior field technicians has been stationed in Bahrain for the past sixty days to oversee testing and expects a recommendation for the use of the Company's products to be submitted within the next thirty days. In addition, further testing of the Company's petrochemical products is expected to commence in the countries of Oman, Kuwait, Yemen and Saudi Arabia in the next six months as a result of this Agreement.
"We expect the initial financial impact of this contract with BPT Americas to boost our sales by over 15% based on the interest level generated to date by this partnership," stated David Dugas, President of ESP Resources. "As testing unfolds in these other countries over the next six months, the impact on our company's growth can be significant for our revenue, profits and our international presence," Dugas stated further.
About www.espchem.com/">ESP Resources, Inc.:
ESP Resources, Inc. is a publicly-traded petrochemical company (OTCBB:ESPI) headquartered in Scott, LA. Through its wholly owned subsidiary, ESP Petrochemicals, Inc., the Company manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry. ESP Resources supplies retail and wholesale specialty chemicals for a variety of oil field applications including production, drilling, waste remediation, cleaning, and waste water treatment. From its blending and distribution facilities, the Company distributes its product line throughout the oil and gas producing regions of Louisiana, Texas, Mississippi, Alabama, Arkansas and Oklahoma, both onshore and offshore. The wholesale division of the Company supplies specialty chemicals to several retailers operating in West Africa. The Company's senior management has over 100 years of combined operating experience in the petrochemical industry. More information is available on the Company's Website at www.espchem.com.
Legal Notice Regarding Forward-Looking Statements:
This press release contains "forward looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements.
Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release. In evaluating these statements, you should consider the risks discussed, from time to time, in the reports we file with the U.S. Securities & Exchange Commission. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see the Company's Form 10-Ks and 10-Qs on file with the U.S. Securities & Exchange Commission.