Petrogress, Inc. acquires interest in SPV and commences US oil and gas operations
Sep 27, 2017
Company to consolidate business and accounting operations for African operations and commence US E&P
NEW YORK - Petrogress, Inc. (OTCMkts:PGAS) announced today that it has acquired 100% of the Membership Units of Petrogress Int’l, LLC, a Delaware limited liability company (“PIL”). PIL was formed in early 2017 by Chairman Christos P. Traios as a Special Purpose Vehicle to allow pursuit of speculative business opportunities in Africa and elsewhere independent of Petrogress, Inc.; several of these business opportunities now appear sufficiently developed and imminent, such that it is now appropriate to consolidate PIL’s business into Petrogress, Inc. PIL will operate as a wholly-owned subsidiary of Petrogress, Inc. to conduct, among other things, oil trading and related energy activities in Cyprus, Nigeria and Ghana. Petrogress, Inc. paid Mr. Traios $1.00 for the Units. Its business and accounting operations will be consolidated into Petrogress, Inc.’s effective immed
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