Message #2 From:
NewsBot Date: August 16, 2005 06:50:00 AM
PTLD News Petrol Industries to Provide Products and Services to the Oil and Gas Industries
SHREVEPORT, La.--(BUSINESS WIRE)--Aug. 16, 2005--Petrol Industries (Pink Sheets::PTLD) announced today that the newly appointed Board of Directors has concluded from an extensive financial review of the company's infrastructure, Petrol Industries' focus will be to provide products and services to the oil and gas industries.
Petrol Industries' recent change of management has resulted in a newly appointed Board of Directors whose main objective is to increase yearly revenues with a forecast of profitability by the end of the 3rd quarter.
The Company also announced that they are finalizing a contract with a mid-sized operator who will be using Petrol for all of its oilfield services. In addition, Petrol is in the process of expanding its equipment line with the acquisition of an additional drilling rig, pulling units, trucks and various downhole tools and parts. With the completion of the acquisition, Petrol Industries will be one of the largest contract service providers in the area.
Management was quoted as saying, "Due to the demand and higher energy prices, there is a severe shortage of oilfield equipment, pulling units and drilling rigs along with a lack of skilled labor. Many current lease owners lack the equipment and skilled professionals necessary to service their wells, therefore, are seeking independent contractors. Petrol Industries has had a reputation of having the expertise to handle such demands and the current market conditions are in a position to capitalize on it. By focusing on oilfield services, the Company is line to achieve a steady flow of revenue immediately."
About Petrol Industries, Inc.
Petrol Industries are a provider of products and services to the oil and gas industry. The Company provides and integrates products and services through exploration, development, production, operation and maintenance in the Louisiana and Texas regions.
Forward-Looking Statements
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
