FYI...
Petrol Industries, Inc. Appoints New Management
OIL CITY, LA -- (MARKET WIRE) -- February 09, 2007 -- Petrol Industries, Inc. (PINKSHEETS: PTLD) announced today that Mr. David Taylor has resigned as President in order to pursue other interests. Mr. Mario Lanza has stepped in as interim President of Petrol Industries, Inc., until the next shareholder meeting. Replacing Mr. Lanza as corporate secretary is Mr. Thomas Neely. Management is also pleased to announce the appointment of Mr. David Killian as Vice President of Oilfield Operations. Mr. Killian brings 27 years of Oilfield Construction and heavy Construction experience.
Since Mr. Killian's arrival, operations have been streamlined, and productivity has increased. One of Petrol's clients, Four Star Oil Company, whose clients include Black Dragon Resources Inc., states, "We are pleased with the improved workmanship and what is happening to increase the production on the wells." Management stated, "For example, Surrey Lease went from 6 to 22 bls per day, Caddo Levee 21 1/2 barrels to 11 barrels a day, Caddo Levee gas well from 10 mcf a day to 50mcf." These are some of the results Mr. Killian has been able to achieve in the last two weeks. Secondly, with Mr. Killian comes the ability and equipment for the company to get involved in Commercial Development and heavy construction.
In addition, management stated that with Black Dragon selling Caddo Lake, the Company will not be going forward with installing a gas pipeline. Mr. Lanza stated, "2006 was a year of change for the Company. We believe that we now have a sound business model, and should be able to have a strong showing in 2007. The Company's goal is to continue to improve on the quality of its services, as well as broadening the nature of the services it's providing, such as purchasing a drilling rig." Lastly, Mr. Lanza wanted to apologize to the investors on the delay in getting out the financials. "In the last year, there have been major changes in personnel, management, and even in the nature of the business of the Company. This is no excuse, however we feel that we now have the right team put together, and will be working diligently to restore the Company back to reporting status, and completing our quarterly audits."
About Petrol Industries:
Petrol Industries are a provider of products and services to the oil and gas industry. The Company provides and integrates products and services through exploration, development, production, operation and maintenance in the Louisiana and Texas regions.
The statement in this press release regarding any implied or perceived benefits from existing oil and gas field properties, actual reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth.
