Message #4 From:
NewsBot Date: October 27, 2005 03:57:00 AM
PTLD News Petrol Industries Completes Sale Of Oil and Gas Properties for $3 Million; Company Expects to Report a Profit in Third Quarter
SHREVEPORT, La.--(BUSINESS WIRE)--Oct. 27, 2005--Petrol Industries, Inc. (OTCBB: PTLD), an energy services company, announced today that it has completed the sale of its oil wells in Caddo Pine Island Field in Louisiana and Texas. The Company sold the wells to Black Dragon Resource Companies for $3 million in a combination of preferred stock and a note. The company plans to use the proceeds to acquire additional oil services equipment to meet the growing demand from its customers.
The sale completes Petrol's transition to an energy services company. The Company also announced that it expects to report a profit when it reports third quarter results.
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.
