Castle Energy Corp. announces marketing agreement for Indian Refinery.RADNOR, Pa.--(BUSINESS WIRE)--Feb. 24, 1995--Castle Energy Corp.(a) (NASDAQ/NNM:CECX) (the "Company") announced Friday an agreement under which Louis Dreyfus Energy Corp. will market gasolines and distillates from the 86,000 B/D Indian Refinery in Lawrenceville, Ill. The Indian Refinery is owned and operated by the Company's subsidiary, Indian Refining Limited Partnership (IRLP IRLP Internet Radio Linking Project IRLP Internet Repeater Linking Project (Ham Radio project to link local radio repeaters internationally via internet) ). Joseph L. Castle II, chairman and chief executive officer of the company, stated: "This agreement will combine the strengths of the two organizations. IRLP will own and operate the Indian Refinery, focusing on the most efficient utilization of the facility, while Louis Dreyfus will apply its extensive marketing and distribution capabilities to best sell and distribute product throughout the Midwest region served by the Refinery. "Louis Dreyfus' already substantial presence in downstream marketing and terminalling will allow the Indian output to be distributed very efficiently." Louis Dreyfus owns and operates 34 terminals, marketing and exchanging nearly 80 million barrels over a 45 state region, and serves a customer base in excess of 1,000 customers. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Joe Petrowski, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Louis Dreyfus Energy Corp.: "The ability to source and distribute the rateable rateable Adjective 1. able to be rated or evaluated 2. liable to payment of rates Adj. 1. rateable - liable to payment of locally assessed property taxes; "the ratable value of property" ratable output of the Indian Refinery is a significant addition to our marketing capability. The region served by Indian represents over 170 million barrels of distillate dis·til·late n. A liquid condensed from vapor in distillation. distillate a product of distillation. demand and nearly 500 million barrels of gasoline demand. This Midwestern region is the fastest growing demand base for refined petroleum products in the United States. "Over time, it is our belief that this incremental demand will increasingly need to be served by this strategically located refinery. We look forward to being able to better serve our expanding customer base and to bring to this important region of the country the same innovative and useful supply and pricing programs that we have brought to other areas of the nation." The Company is negotiating an agreement with CORE Refining Corp., a company established by William S. Sudhaus, president of the Company and CEO of IRLP, to sell the Indian Refinery to CORE. Upon the closing of the sale, the agreement with Louis Dreyfus will be assigned to CORE. The company owns two refining subsidiaries, IRLP and Powerine Oil Co., which owns a 49,500 B/D oil refinery in Santa Fe Springs Santa Fe Springs, city (1990 pop. 15,520), Los Angeles co., SW Calif., inc. 1957. The city lies in an oil and natural gas region and has diversified manufacturing. , Calif. The Company, through various subsidiaries and affiliates, also owns a gas sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with Lone Star Gas Co., a 77-mile intrastate pipeline in Rusk County, Texas Rusk County is a county located in the U.S. state of Texas. Originally a part of Nacogdoches County, Rusk was established as its own county by the Congress of the Republic of Texas on January 16, 1843. In 2000, its population was 47,372. and related gas contracts and interests. -0- (a) Castle Energy Corp. is not affiliated with Castle Oil Corp. CONTACT: Castle Energy Corp., Radnor William S. Sudhaus, 610/995-9400 |
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