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Petrogress commences US oil and gas operations

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LNG Industry,

Petrogress has announced that it has acquired 100% of the Membership Units of Petrogress International (PIL).

PIL was formed in early 2017 by Chairman Christos P. Traios as a Special Purpose Vehicle to allow pursuit of speculative business opportunities in Africa and elsewhere independent of Petrogress; several of these business opportunities now appear sufficiently developed and imminent, such that it is now appropriate to consolidate PIL’s business into Petrogress. PIL will operate as a wholly-owned subsidiary of Petrogress, to conduct, among other things, oil trading and related energy activities in Cyprus, Nigeria and Ghana.

Petrogress is establishing a fully integrated international oil and gas company, with E&P operations; shipping and transport services; and, through PIL, physical commodities trading facilities.

With respect to E&P operations in the US, Petrogress has entered into a comprehensive consulting agreement with Texas oilman Charles Stidham to identify oil and gas prospects in New Mexico, Texas and Louisiana, and to assist in negotiations to acquire integrated oil and gas companies with pipeline access to the Chenier LNG facilities at Sabine Pass in Port Arthur, Texas. Stidham will work directly with Petrogress Oil and Gas, a wholly owned subsidiary of Petrogress. Stidham has over 30 years of experience providing investment banking and other financing services to oil and gas service and E&P companies, and has also developed and operated oil and gas properties in West and East Texas.

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