Central Energy Partners LP Announces Results for the Year Ended December 31, 2010
Central Energy Par (USOTC:ENGY)
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Today : Wednesday 20 April 2011
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Central Energy Partners LP (OTC:ENGY), formerly known as Rio Vista Energy Partners L.P. (OTC:RVEP) (“Central”), an energy services master limited partnership whose Common Units are listed for trading on the over-the-counter market with Pink OTC Markets, Inc., announced today its financial results for the year ended December 31, 2010. Central reported net income of $1.1 million or $0.24 per Common Unit. Net income included a gain of $2.3 million resulting from the settlement of liabilities pursuant to the terms of the securities purchase and sales agreement which was completed on November 17, 2010. Revenues for the year ended December 31, 2010 were $6.3 million, all derived from Central’s wholly owned subsidiary, Regional Enterprises Inc.
Central’s Annual Report on Form 10-K for the year ended December 31, 2010 (“Annual Report”) also included the results of operations for the year ended December 31, 2009 and the quarters ended March 31, 2009, June 30, 2009, September 30, 2009, March 31, 2010, June 30, 2010 and September 30, 2010, which had previously not been reported.
Future Operations:
As more fully described in Central’s Annual Report, the ownership of Central and Central’s general partner changed on November 17, 2010, and since that date new management has been focused on regaining compliance with Central’s securities and tax reporting obligations, including the filing of the Annual Report. Once regaining compliance is completed, management of Central intends to focus on the future growth of Central’s assets, and related cash generation, through organic growth and acquisitions. Central’s primary business objectives are to maintain stable cash flows and to increase its quarterly cash distribution per Common Unit over time. Central’s strategy is to identify for acquisition midstream assets, which includes gas gathering and transmission systems, treating and processing facilities, fractionation facilities, and transportation capabilities.
About Central Energy Partners LP
Central is a master limited partnership engaged in the storage and transportation of oil and gas, refined petroleum products and petrochemicals. Central currently provides liquid bulk storage, trans-loading and transportation services for petrochemicals and petroleum products through its assets and operations in Hopewell, Virginia and Johnson City, Tennessee. Central’s strategy is to identify for acquisition midstream assets, which include oil and gas gathering and transmission systems, processing facilities, and storage and transportation capabilities. Central Energy GP LLC, a Delaware limited liability company, is the general partner of Central.
