Supernova Energy, Inc. Enters Negotiations to Acquire Previously Operational Oil Refinery and Land Package in Kentucky
ROCKVILLE CENTER, NY, Feb. 14, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Supernova Energy, Inc. (OTC PINK: SPRN) (“Supernova Energy” or the “Company”), a U.S. based oil and gas production and exploration company, is pleased to announce that the Company has commenced negotiations to acquire an oil refinery complex in the state of Kentucky. The oil refinery previously processed up to 6,000 bbl. of crude oil/day but has been dormant for more than two decades.
Kevin Malone, CEO of Supernova Energy, Inc., commented, “Despite the fact that refineries are often one of the most profitable components of the oil industry, there are very few, if any, new oil refineries being built or planned in the United States because the approval and licensing process is extremely difficult, costly, and time consuming. That’s why we feel that the chance to buy this land and equipment including a grandfathered oil refinery license is an exceptional and rare opportunity that we shouldn’t pass up without fully investigating.”
“Over the next several weeks, we hope to continue negotiations and complete due diligence that will ultimately lead to Supernova Energy acquiring the project and partnering with experienced local operators to quickly and cost-effectively refurbish and restart operations.”
Supernova Energy expects to release additional information regarding the proposed Kentucky oil refinery acquisition upon completion of pre-deal due diligence and execution of a term sheet. https://www.otcmarkets.com/stock/SPRN/news/story?e&id=1285047