Palisades Petroleum (PINKSHEETS: PAPT) Chairman Makusha Gozo Announces the Cancellation of the Merger With Strat Petroleum and Announces a Letter of Intent for Petroleum Asset Purchases
(firmenpresse) - BALTIMORE, MD -- (Marketwire) -- 01/04/12 -- Palisades Petroleum (PINKSHEETS: PAPT) chairman Makusha Gozo today announced the cancellation of the merger with Strat Petroleum due to failed negotiations and timing. However, greater opportunities have arisen for contracts in the West African and Asian petroleum industry that shall be vended into Palisades from Durst Fund LLC. If these contracts come to fruition, the economic significance of this would be to more than quadruple the gross revenues of Palisades in the second quarter of 2012. The aforementioned planned acquisition of West African and Asian petroleum distribution contracts from Durst Fund LLC would not have been possible had there been further delay with the merger with Strat which would have resulted in a correspondingly smaller benefit.
Palisades' senior management will be travelling to West Africa over the next several weeks. Our relationships in Ghana span back over the last decade even before Ghana was recognized as " The World's Fastest Growing Economy in 2011" notwithstanding that they are the second largest producer of cocoa in the world which is one of Palisades' core businesses. Interestingly, the West African Gulf of Guinea represents at least seven percent of the World's crude oil reserves according to documented geologist's estimates. The impact of this trip and the hopeful conclusion of certain contractual obligations will result in a significant increase in both Palisades' revenue and net income. We expect to make significant announcements over the next few weeks.
In addition, Makusha Gozo is pleased to report fourth quarter earnings that show double digit growth from the previous quarter due primarily to the new market share captured by both the Barclay Development LLC automotive division, and the Shumba Inc cocoa trade division pursuant to the new strategies discussed in preceding press releases.
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Datum: 04.01.2012 - 15:12 Uhr
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News-ID 101035
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