Castle Energy sells balance of Powerine Refinery.RADNOR, Pa.--(BUSINESS WIRE)--Jan. 17, 1996--Castle Energy Corp.(a) (NASDAQ/NNM:CECX) announced Wednesday that Powerine Oil Co., an indirect subsidiary of Castle Energy, has completed a merger with POC (Proof Of Concept) See PoC exploit. POC - Point Of Contact Acquisition Corp., a company formed by privately owned Energy Merchant Corp. Under the agreement POC Acquisition assumed all of Powerine Oil's liabilities and has paid Powerine Holding Corp., a wholly owned Castle Energy subsidiary and the sole shareholder of Powerine Oil, $1 million. Included in the obligations assumed by POC Acquisition are Powerine Oil's ongoing obligations under its previously announced agreements with Kenyen Projects Ltd. related to the sale in September 1995 of substantially all of the equipment and machinery and other related assets by Powerine Oil. Castle Energy, through various subsidiaries and affiliates, owns a gas sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with Lone Star Lone Star (or Lonestar) may refer to:
adj. Relating to or existing within the boundaries of a state. Adj. 1. intrastate - relating to or existing within the boundaries of a state; "intrastate as well as interstate commerce" 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, and operates approximately 450 oil and gas wells nationwide. -0- (a) Castle Energy Corp. is not affiliated with Castle Oil Corp. CONTACT: Castle Energy Corp., Radnor Joseph L. Castle II, 610/995-9400 |
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