Petroleum Consolidators Forms Oil Exploration Division
Feb 9, 2009 4:02:00 PM
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View Additional ProfilesPALM BEACH GARDENS, FL -- (MARKET WIRE) -- 02/09/09 -- Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a gasoline station/convenience store operator, has formed an oil and gas exploration division to capitalize on strategic producing oil and gas wells throughout the United States. Further details of the Company's negotiations regarding obtaining interest in producing oil wells are expected to be announced.
David Cohen, President and CEO of Petroleum Consolidators, stated, "We are extremely excited about the creation of this new division, as it will expand our revenue stream and offset the fluctuations in retail gasoline margins in 2009."
"There are lucrative opportunities to acquire producing oil wells that do not require extensive testing, equipment upgrades or other factors which could delay output," continued Mr. Cohen. "And our research suggests that there is another medium-term trend coming where oil is going to reverse course and head higher. We anticipate that oil should advance to the $55-$60 per barrel range. However, in the event oil remains at these low levels we are still projected to be profitable."
This development serves as another step in Petroleum Consolidators' vertical integration within the Company's Business Model which demonstrates further progress towards achieving our corporate goals.
About Petroleum Consolidators of America
Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum and gasoline markets; changes in the competitive landscape of the convenience store industry, including gasoline stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the markets we serve; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including our principal suppliers of gas and merchandise, and their ability to continue to supply our stores; environmental risks associated with selling petroleum products; governmental regulations, including those regulating the environment; and acts of war or terrorist activity. Results actually achieved may differ materially from expected results included in these statements. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, the Company cautions that the risk factors listed in this paragraph are not exhaustive.
President & CEO
Petroleum Consolidators of America