CARENCRO, La., Feb. 23, 2005 (PRIMEZONE) -- Gulf Petroleum Exchange, Inc. (Pink Sheets:GFPE) President, Warren Wheeler, stated: "Gulf Petroleum is very excited and optimistic about the Company's common stock becoming publicly traded. We are confident that the much greater visibility and increased access to capital that being publicly traded imparts to the Company will increase the ability to accomplish our long term agenda.
"The principals of Gulf Petroleum realize that creating and developing a larger scale company entails allocations of management. Gulf Petroleum has the experienced personnel, expertise and vision to create and develop a larger scale entity and the assimilation of other companies will bolster the existing management team immensely.
"In striving to utilize the knowledge and abilities of our personnel, we realized that Gulf Petroleum is capable of pursuing two different but closely related agendas. First is to continue and expand the recovery and sales of industrial fuel oil and petrochemicals and Gulf Petroleum is ardently pursuing compatible companies amenable to selling to or merging with the company."
The companies we presently have a dialogue with are:
1. A permitted transporter (crude oil purchasing company) and
storer of crude oil and condensate and has 25,000 barrels
(1,000,000 gallons) of storage that is located on the
Intercoastal Waterway (ICWW) that is accessible by barge and
truck, and
2. A commercial water treatment facility at its barge terminal
on the Mississippi River and strips waste oil and water from
ships, and
3. One collects and sells approximately 12,000 barrels of fuel oil
per month, has a well-maintained fleet of tank trucks and oil
treating facility with approximately 30,000 barrels of storage.
Second and consistent with the corporate objectives of refining and reclaiming hydrocarbon resources for fuel oil and chemical precursors, Jeanblanc International, Inc., developer of an economical patent pending oil desulfurization process, is negotiating the purchase of a South Louisiana refinery to accommodate the Jeanblanc desulfurization process and has chosen Gulf Petroleum as General Contractor to redesign and refit the refinery.
Forward-Looking Statements:
Statements made in this press release which are not historical facts contain certain "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 in this release, and the company's operations generally, 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, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.