UPDA Subsidiary Makes First Light Crude Condensate Deliveries to Shell Chemicals – 20,000 Barrel Barge Loaded at Port of Brownsville
04:28 26.03.07
BROWNSVILLE, Texas--(BUSINESS WIRE)--US Petroleum Depot, Inc., a subsidiary of Universal Property Development
and Acquisition Corporation
(OTCBB:UPDA)(FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), is completing
the delivery of approximately 20,000 bbls of light crude condensate to
Shell Chemicals, a division of Shell Oil (NYSE: RDS.A, RDS.B) (www.shellchemicals.com).
Through its contract with Western Refining (NYSE: WNR) (www.westernrefining.com),
the spread on this sale is over $4.00/bbl.
On Sunday, March 25, the 20,000 barrel petroleum transport barge Luke
Bryan was loaded at USPD’s storage
facility at the Port of Brownsville, Texas (www.portofbrownsville.com).
With a delivery rate of 1700 bbls/hr., the barge can be loaded in about
12 hours.
“This delivery signals the beginning of a
continuous and expanding stream of product through this facility and
soon elsewhere,” reports Tim Brink, former COO
of UPDA Texas Trading, Inc, now CEO of Continental Fuels, Inc. (OTC BB:
CFUL, CIQB.F) www.continetalfuels.com.
“We have been working around the clock making
the final preparations for this initial delivery, from the installation
of a second pump to welding the lines to the barge delivery system. We
have a great group of employees and vendors down here and the
cooperation of the local US Coast Guard station was instrumental in the
timely completion of the required final inspections.”
“This subsidiary has now been perfectly
positioned to grow the business and with the margins that have been
established, the positive cash flow should be significant,”
continued Brink. “As we continue to develop
the supply sources and refine the operation of this facility and acquire
additional storage facilities, we are optimistic about being able to
deliver 40,000 bbls/week in a very short time.”
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