Petrogress Inc. (PGAS)

[NetworkNewsWire]

PGAS Finds New Life in Oil Shipping Markets

Petrogress, Inc. (OTC: PGAS) continues to build a diversified revenue stream through its oil and gas shipping networks as it expands its operations along Africa’s west coast, in the Mediterranean region, Europe and the United States. The company is working to purchase more tankers, complete exploration and refinery talks in Ghana, and finalize negotiations on an operations and management pact in Hellenic Cyprus. An article discussing this reads: “Despite a recent slump in African crude oil sales (http://nnw.fm/1kFgc) and the comparable effect on the company’s sales volume revenues and gross profits, Petrogress reported a rise in profitability from 3.82 percent to 13.14 percent with a record adjusted report of earnings before interest, taxation, depreciation and amortization (EBITDA) of just over $2 million at nine months’ end. Total assets grew during the period from $9.79 million to $14.03 million. ‘We are generating strong operational and financial results in spite to the adverse oil market pricing,’ … Petrogress President and CEO Christos P. Traios stated.”

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About Petrogress, Inc.

Petrogress, Inc. owns and operates a fleet of tankers from its base in the historic Port of Piraeus through a series of Marshall Islands subsidiaries. Its principal and CEO, Christos P. Traios, has over 30 years of experience in operating and managing shipping operations from Greece. Currently, the Company’s ships trade off the coast of West Africa, transporting crude oil, distillates and refined products. The Company also operates service and shipping facilities at the Port of Limassol in Cyprus and the Port of Tema, Greater Accra, in Ghana. It is actively seeking expansion opportunities, including in operating and developing natural gas production and transmission facilities along with LNG processing in the U.S., refinery operations in north and West Africa, and the transport and sales of LNG in Europe. For more information, visit www.PetrogressInc.com.