Continental Fuels acquires UPDA
Apr 30, 2007 11:31 AM
Continental Fuels Inc, San Antonio/Houston TX, has closed a stock purchase agreement with Universal Property Development and Acquisition Corp (UPDA) to acquire 100 percent of the stock of the company's storage and trading subsidiaries, including the line of credit that had been arranged to finance those operations.
Through Continental's acquisition of US Petroleum Depot Inc and Continental Trading Enterprises Inc, Continental Fuels will receive established supply contracts and sales agreements with major producers and refiners for the purchase and sale of light crude condensate of international origin.
US Petroleum Depot owns and operates a 48,000-barrel petroleum storage facility located in the Port of Brownsville TX. Before closing the transaction, these companies acquired and sold approximately 20,000 barrels of light crude condensate through these contracts and facilities and received payment in excess of $1.1 million on April 20, 2007.
As a result of the transaction, UPDA will acquire a controlling interest in Continental Fuels.
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