PGAS News: Expansion, Preserved Tiny Float
Excellent SS:
Authorized Shares 490,000,000 a/o 10/19/2017
Outstanding Shares 177,995,907 a/o 10/19/2017
http://ih.advfn.com/p.php?pid=nmona&artic...ymbol=PGAS
Christos P. Traios, President, CEO and Chairman, owns 135,000,000 shares of stock, comprising approximately 75% of the Company’s issued and outstanding shares of common stock.
https://ih.advfn.com/p.php?pid=nmona&article=75928512
11/08/2017 Petrogress, Inc. Forms Cypriot SPV to Operate Limassol Port FacilityPetrogress Int’l LLC will deal directly with the Cyprus Ports Authority on Hellenic Cyprus ports
https://finance.yahoo.com/news/petrogress-inc...00033.html
NEW YORK, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc.(PGAS) announced today that it has formed “PG Cypyard & Offshore Service Terminal Ltd. (“Cypyard”) (Org. No. 529036) through Petrogress Int’l, LLC, its wholly owned subsidiary. Cypyard was formed under the Cyprus Companies Law, Cap. 113, as a limited liability company; PIL is its only shareholder. Cypyard will conclude negotiations for an operations and management agreement covering ports in Hellenic Cyprus, including the Port of Limassol, directly with the Cyprus Ports Authority (www.cpa.gov.cy); Petrogress(PGAS) has withdrawn from its MOU with F&T Shipyards announced in June 2017.
Current plans include a long-term lease with renewal options covering all in-place port facilities, including floating dock and dry dock areas, with cranes and scaffolding, construction and repair workshops and storage, and complete on-site administrative and office space. Cypyard will negotiate and pay-off debt from a previous operator and agree to cover the costs of deferred maintenance and repairs along with designated improvements in exchange for lease rate concessions.
Per President Christos P. Traios, “We can make a better deal directly with the CPA for the facilities at Limassol. The facilities are in fairly good shape and won’t take much time or money to put right. In addition, we can add other port services agreements along the coast in Hellenic Cyprus if and when offshore services require. I think the opportunities there are great, and dealing directly with partners in government has numerous benefits.”
11/2/2017 Petrogress, Inc. Sub Acquires Interest in Ghana SPV; to Operate in Local Upstream and Oil TradingCompany Expects a Strong Bid for Operating Contracts on Offshore Platform and New Development Opportunity
https://finance.yahoo.com/news/petrogress-inc...00415.html
NEW YORK, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc.(PGAS) announced today that its acquired 90% of the shares of Petrogres Africa Co., Ltd. (“PAF”) through Petrogress Int’l, LLC, its wholly owned subsidiary from Chairman Christos P. Traios. The remaining 10% is privately held by Ghanaian investors.
Mr. Traios purchased the 90% interest in early 2017, paying 3.936mm Ghanaian Cedis into PAF; PIL paid Mr. Traios $1.00 for his interest in PAF. Petrogress, Inc.(PGAS) will consolidate PAF’s financial reporting through PIL, booking the $900,000 payment as additional paid-in-capital. PAF holds a current Ghanaian business permit, and is authorized to conduct local sales of oil products and shipping business from the Port of Tema in Greater Accra. Port facilities in Tema will provide a service and operations hub for the Company’s Petrogres tankers currently involved in Nigerian oil trading and transport. The Port of Tema also serves as a secondary hub for repair, supply and transport ship operators servicing Ghana’s Tano Basin offshore oil fields in the Gulf of Guinea.
PAF expects to bid for operating contracts on the currently shut-in APG-1 production platform located in the Saltpond Oil Field in shallow waters approximately 8 miles offshore and 65 miles west of Accra. The project is owned by the Ghana National Oil Company, and it is expected to let the operating contract by the end of 2017. Preliminary bid terms will require the successful applicant to make repairs on the production platform and work over six existing wells to boost production from current levels of 300-500 BPD, but will also grant access for E&P development on up to 10 additional offshore blocks. Current reserve estimates for Saltpond range down to 4.2mm barrels of oil and 20b cubic feet of gas recoverable. Unproven reserves on the studied portions of the additional blocks, however, are as high as 44b barrels of oil.
Chairman Christos P. Traios stated, “This is a very interesting speculation for PAF. APG-1 is the old Mr. Louie drilling platform, which has drilled all over the world, including the first North Sea wells. But it’s a solid production platform in shallow water and repairs look to be minimal. It also covers an area that would allow for a relatively inexpensive rig-less workover of the existing wells; these are modestly profitable now – Ghana Petroleum expects only a 15% royalty – and we can make money with the proven oil and gas reserves. But it’s simply too small of a project for a larger company. The big payoff is exclusive operator access to the undeveloped blocks, and the prospect of partnering with a much larger company for development is a tremendous opportunity. We expect our Ghanaian partners in PAF will be instrumental in preparing a strong bid for the operating contract.”
9/26/2017 Petrogress, Inc. Acquires Interest in SPV and Commences US Oil and Gas Operations Company to Consolidate Business and Accounting Operations for African Operations and Commence US E&P
https://www.otcmarkets.com/stock/PGAS/news
NEW YORK, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTCMkts
GAS) announced today that it has acquired 100% of the Membership Units of Petrogress Int’l, LLC, a Delaware limited liability company (“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, Inc.; several of these business opportunities now appear sufficiently developed and imminent, such that it is now appropriate to consolidate PIL’s business into Petrogress, Inc. PIL will operate as a wholly-owned subsidiary of Petrogress, Inc. to conduct, among other things, oil trading and related energy activities in Cyprus, Nigeria and Ghana. Petrogress, Inc. paid Mr. Traios $1.00 for the Units. Its business and accounting operations will be consolidated into Petrogress, Inc.’s effective immediately, and be reported in its financial disclosures commencing with the 3Q Form 10-Q.
Mr. Traios stated, “I’ve done business in Africa for many years, and have learned it is necessary to exercise great care in any new venture and in dealing with new partners, including with respect to proper relations with governments and government officials. We’ve been presented with great opportunities in Africa, including further development of existing business in Nigeria and Ghana, and, potentially, Libya, along with new business in Cyprus. Although we understand the importance of, and remain committed to, complete transparency in our dealings with shareholders in the public markets, the use of Special Purpose Vehicles serves many important purposes in this arena.”
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. Mr. Stidham will work directly with Petrogress Oil and Gas, Inc., a wholly owned subsidiary of Petrogress, Inc. Mr. 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.
Mr. Stidham added, “Christos and I have been looking for the right deal to work on together for over 20 years. I think we’re both contrarians of sorts, and I believe the current down market has created some very attractive E&P investments in Texas and surrounding areas, whether as an operator or otherwise, especially now that domestic producers are at liberty to export oil and gas to higher priced and politically sensitive foreign markets. Petrogress, Inc.’s access to European energy markets provides some great integration prospects for direct US E&P investments.”
7/21/2017 Update about debt elimination, non toxic funding by majority shareholder/CEO, Retirement of last convertible note held by Mammoth Corporation
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12184688
On July 3, 2017, after closing 2Q 2017, the Company paid its obligations under the two convertible notes held by Mammoth Corporation, totaling $44,887. This payment also retired approximately $65,550 due as a derivative liability arising from the potential obligation to issue shares upon conversion.
On July 13, 2017, the Company entered into a Revolving Line of Credit Agreement with its President and CEO, Christos P. Traios. In accordance with the Agreement, the Company also issued a Line of Credit Convertible Promissory Note (LOC Note). Copies of the Agreement and LOC Note are attached as exhibits. The Agreement and Note restate the Company’s obligations under an existing Convertible Promissory Note issued to Mr. Traios on April 1, 2016, under which Mr. Traios had advanced $134,600 to the Company to pay its general operational expenses, including the legal and auditing expenses relating to its SEC reporting requirements. The Agreement and LOC Note now cover approximately $400,000 in funds advanced by Mr. Traios to or on behalf of the Company, including the amounts referenced for repayment of the Mammoth
6/30/2017 Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus ShipyardCompany Provides Bridge Financing
http://www.otcmarkets.com/stock/PGAS/news
https://finance.yahoo.com/news/petrogress-inc...00215.html
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
About the Company:
On track for $25 - $30 MILLION in revenues in 2017
Revenues are now estimated to exceed $122 million for 2017 – 2020
Set to have 4 straight quarters of EXPONENTIAL revenue growth
Over $10 MILLION in assets
NO convertible DEBT
Insiders own 85% of the shares, they are NOT selling, it's hard to get shares.
Excellent SS:
Authorized Shares 490,000,000 a/o 10/19/2017
Outstanding Shares 177,995,907 a/o 10/19/2017
http://ih.advfn.com/p.php?pid=nmona&artic...ymbol=PGAS
Christos P. Traios, President, CEO and Chairman, owns 135,000,000 shares of stock, comprising approximately 75% of the Company’s issued and outstanding shares of common stock.
https://ih.advfn.com/p.php?pid=nmona&article=75928512
11/08/2017 Petrogress, Inc. Forms Cypriot SPV to Operate Limassol Port FacilityPetrogress Int’l LLC will deal directly with the Cyprus Ports Authority on Hellenic Cyprus ports
https://finance.yahoo.com/news/petrogress-inc...00033.html
NEW YORK, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc.(PGAS) announced today that it has formed “PG Cypyard & Offshore Service Terminal Ltd. (“Cypyard”) (Org. No. 529036) through Petrogress Int’l, LLC, its wholly owned subsidiary. Cypyard was formed under the Cyprus Companies Law, Cap. 113, as a limited liability company; PIL is its only shareholder. Cypyard will conclude negotiations for an operations and management agreement covering ports in Hellenic Cyprus, including the Port of Limassol, directly with the Cyprus Ports Authority (www.cpa.gov.cy); Petrogress(PGAS) has withdrawn from its MOU with F&T Shipyards announced in June 2017.
Current plans include a long-term lease with renewal options covering all in-place port facilities, including floating dock and dry dock areas, with cranes and scaffolding, construction and repair workshops and storage, and complete on-site administrative and office space. Cypyard will negotiate and pay-off debt from a previous operator and agree to cover the costs of deferred maintenance and repairs along with designated improvements in exchange for lease rate concessions.
Per President Christos P. Traios, “We can make a better deal directly with the CPA for the facilities at Limassol. The facilities are in fairly good shape and won’t take much time or money to put right. In addition, we can add other port services agreements along the coast in Hellenic Cyprus if and when offshore services require. I think the opportunities there are great, and dealing directly with partners in government has numerous benefits.”
11/2/2017 Petrogress, Inc. Sub Acquires Interest in Ghana SPV; to Operate in Local Upstream and Oil TradingCompany Expects a Strong Bid for Operating Contracts on Offshore Platform and New Development Opportunity
https://finance.yahoo.com/news/petrogress-inc...00415.html
NEW YORK, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc.(PGAS) announced today that its acquired 90% of the shares of Petrogres Africa Co., Ltd. (“PAF”) through Petrogress Int’l, LLC, its wholly owned subsidiary from Chairman Christos P. Traios. The remaining 10% is privately held by Ghanaian investors.
Mr. Traios purchased the 90% interest in early 2017, paying 3.936mm Ghanaian Cedis into PAF; PIL paid Mr. Traios $1.00 for his interest in PAF. Petrogress, Inc.(PGAS) will consolidate PAF’s financial reporting through PIL, booking the $900,000 payment as additional paid-in-capital. PAF holds a current Ghanaian business permit, and is authorized to conduct local sales of oil products and shipping business from the Port of Tema in Greater Accra. Port facilities in Tema will provide a service and operations hub for the Company’s Petrogres tankers currently involved in Nigerian oil trading and transport. The Port of Tema also serves as a secondary hub for repair, supply and transport ship operators servicing Ghana’s Tano Basin offshore oil fields in the Gulf of Guinea.
PAF expects to bid for operating contracts on the currently shut-in APG-1 production platform located in the Saltpond Oil Field in shallow waters approximately 8 miles offshore and 65 miles west of Accra. The project is owned by the Ghana National Oil Company, and it is expected to let the operating contract by the end of 2017. Preliminary bid terms will require the successful applicant to make repairs on the production platform and work over six existing wells to boost production from current levels of 300-500 BPD, but will also grant access for E&P development on up to 10 additional offshore blocks. Current reserve estimates for Saltpond range down to 4.2mm barrels of oil and 20b cubic feet of gas recoverable. Unproven reserves on the studied portions of the additional blocks, however, are as high as 44b barrels of oil.
Chairman Christos P. Traios stated, “This is a very interesting speculation for PAF. APG-1 is the old Mr. Louie drilling platform, which has drilled all over the world, including the first North Sea wells. But it’s a solid production platform in shallow water and repairs look to be minimal. It also covers an area that would allow for a relatively inexpensive rig-less workover of the existing wells; these are modestly profitable now – Ghana Petroleum expects only a 15% royalty – and we can make money with the proven oil and gas reserves. But it’s simply too small of a project for a larger company. The big payoff is exclusive operator access to the undeveloped blocks, and the prospect of partnering with a much larger company for development is a tremendous opportunity. We expect our Ghanaian partners in PAF will be instrumental in preparing a strong bid for the operating contract.”
9/26/2017 Petrogress, Inc. Acquires Interest in SPV and Commences US Oil and Gas Operations Company to Consolidate Business and Accounting Operations for African Operations and Commence US E&P
https://www.otcmarkets.com/stock/PGAS/news
NEW YORK, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Petrogress, Inc. (OTCMkts
GAS) announced today that it has acquired 100% of the Membership Units of Petrogress Int’l, LLC, a Delaware limited liability company (“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, Inc.; several of these business opportunities now appear sufficiently developed and imminent, such that it is now appropriate to consolidate PIL’s business into Petrogress, Inc. PIL will operate as a wholly-owned subsidiary of Petrogress, Inc. to conduct, among other things, oil trading and related energy activities in Cyprus, Nigeria and Ghana. Petrogress, Inc. paid Mr. Traios $1.00 for the Units. Its business and accounting operations will be consolidated into Petrogress, Inc.’s effective immediately, and be reported in its financial disclosures commencing with the 3Q Form 10-Q. Mr. Traios stated, “I’ve done business in Africa for many years, and have learned it is necessary to exercise great care in any new venture and in dealing with new partners, including with respect to proper relations with governments and government officials. We’ve been presented with great opportunities in Africa, including further development of existing business in Nigeria and Ghana, and, potentially, Libya, along with new business in Cyprus. Although we understand the importance of, and remain committed to, complete transparency in our dealings with shareholders in the public markets, the use of Special Purpose Vehicles serves many important purposes in this arena.”
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. Mr. Stidham will work directly with Petrogress Oil and Gas, Inc., a wholly owned subsidiary of Petrogress, Inc. Mr. 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.
Mr. Stidham added, “Christos and I have been looking for the right deal to work on together for over 20 years. I think we’re both contrarians of sorts, and I believe the current down market has created some very attractive E&P investments in Texas and surrounding areas, whether as an operator or otherwise, especially now that domestic producers are at liberty to export oil and gas to higher priced and politically sensitive foreign markets. Petrogress, Inc.’s access to European energy markets provides some great integration prospects for direct US E&P investments.”
7/21/2017 Update about debt elimination, non toxic funding by majority shareholder/CEO, Retirement of last convertible note held by Mammoth Corporation
http://www.otcmarkets.com/edgar/GetFilingHtml...D=12184688
On July 3, 2017, after closing 2Q 2017, the Company paid its obligations under the two convertible notes held by Mammoth Corporation, totaling $44,887. This payment also retired approximately $65,550 due as a derivative liability arising from the potential obligation to issue shares upon conversion.
On July 13, 2017, the Company entered into a Revolving Line of Credit Agreement with its President and CEO, Christos P. Traios. In accordance with the Agreement, the Company also issued a Line of Credit Convertible Promissory Note (LOC Note). Copies of the Agreement and LOC Note are attached as exhibits. The Agreement and Note restate the Company’s obligations under an existing Convertible Promissory Note issued to Mr. Traios on April 1, 2016, under which Mr. Traios had advanced $134,600 to the Company to pay its general operational expenses, including the legal and auditing expenses relating to its SEC reporting requirements. The Agreement and LOC Note now cover approximately $400,000 in funds advanced by Mr. Traios to or on behalf of the Company, including the amounts referenced for repayment of the Mammoth
6/30/2017 Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus ShipyardCompany Provides Bridge Financing
http://www.otcmarkets.com/stock/PGAS/news
https://finance.yahoo.com/news/petrogress-inc...00215.html
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
About the Company:
On track for $25 - $30 MILLION in revenues in 2017
Revenues are now estimated to exceed $122 million for 2017 – 2020
Set to have 4 straight quarters of EXPONENTIAL revenue growth
Over $10 MILLION in assets
NO convertible DEBT
Insiders own 85% of the shares, they are NOT selling, it's hard to get shares.
