Acquisition of Petroleum Refining Facility and Related Real Property, Equipment and Other Assets.

HOUSTON--(BUSINESS WIRE)--June 11, 1998--United States Refining & Petrochemicals Inc. (OTCBB:UNIC) announced today it has signed a letter of intent to purchase all Notes, Mortgages, Deeds of Trust, Stock Options and related credit agreements, encumbrances, pledges and liens, which apply or attach to a 14,000 barrel per day petroleum refining facility and related real property and equipment in Texas. The signing of this letter of intent follows a lengthy negotiation process which was undertaken in fall 1997. The value of loans, notes and mortgages, represented in this transaction are approximately $40 million. Replacement cost of this refining facility is estimated at $75 million.

18% of the United States Fuel Center purchases are allocated for bid to small refineries. To qualify, a company must have no more than 75,000 barrels per day throughput capacity. U.S. Refining & Petrochemicals Inc. intends to use its marketing advantages presented through this program to increase its operating margins.

"The purpose for this action was to speed a building process which might have taken months, or years, to complete. Part of our mission is to become a niche player in the refining and petrochemical markets, and this particular facility will mark our entry into the refining business," stated L. Mychal Jefferson II, president and CEO.

United States Refining & Petrochemicals Inc. is an acquisition company in the process of creating a vertically integrated petroleum production, refining, and distribution business in the Southwestern United States.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Sections 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created hereby. Investors are cautioned that all forward-looking statements contained herein are reasonable, any assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included herein will be realized. The inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

CONTACT: Jaz Bermaine & Co., Houston

Britt Brooks, 713/236-4746