Catsimatidis Briefs United Refining Energy Board on Status of SemGroup Discussions
24 Dicembre 2008 - 7:12PM
PR Newswire (US)
NEW YORK, Dec. 24 /PRNewswire-FirstCall/ -- United Refining Energy
Corp. (AMEX:URX) (the "Company") announced that at a Board of
Directors meeting held yesterday, John Catsimatidis, the Company's
chief executive officer, reported on the status of discussions with
SemGroup, L.P. ("SemGroup"). SemGroup is a privately held midstream
service company providing the energy industry the means to move
products from the wellhead to the wholesale marketplace. SemGroup
provides diversified services for end users and consumers of crude
oil, natural gas, natural gas liquids, refined products and
asphalt. Services include purchasing, selling, processing,
transporting, terminaling and storing of product. SemGroup serves
customers in the United States, Canada, Mexico, and Wales. SemGroup
had revenues of over $14 billion in 2007 and employed more than
2,200 persons worldwide. SemGroup entered into Chapter 11 of the U.
S. Bankruptcy Code on 22 July 2008. Mr. Catsimatidis reported that
his representatives now control a majority of the seats on the
management committee of SemGroup L.P., L.L.C., the general partner
of SemGroup, L.P. He also reported that due diligence and
discussions with creditors is ongoing, with the intent to develop a
plan of reorganization for SemGroup, L.P. Mr. Catsimatidis stated
that at this time there is no acquisition transaction to be
considered by the Company, but that if a plan of reorganization is
developed, he will present the investment opportunity to the Board
of Directors of the Company to determine whether it would be an
appropriate investment opportunity for the Company. United Refining
Energy Corp. is a blank check company organized for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
exchangeable share transaction, joint venture or other similar
business combination with one or more operating businesses. Its
main asset is 450 Million in Cash. The Company is focusing on
identifying a prospective target business in the energy industry,
but is not limited to pursuing acquisition opportunities only
within that industry. DATASOURCE: United Refining Energy Corp.
CONTACT: Pat Smith of United Refining Energy Corp.,
+1-212-843-8026, or
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