Conoco START Starts Denver's Pynergy Inc.

Business/Energy Editors

DENVER--(BUSINESS WIRE)--Jan. 25, 2000

Conoco's first Colorado START loan has been made to Denver-based Pynergy Inc. START is a special purpose credit program that enables minority and women-owned businesses to obtain financing to buy, build, rebuild or remodel retail gasoline outlets.

Pynergy used funding from Conoco's START program to purchase three Conoco-branded retail outlets, two in Denver and one in Brighton.

Darrell Jackson, president of Pynergy, said, &uot;Since we applied, just weeks after the program was announced, Conoco has provided guidance and training that we think is essential to building the confidence and ability of a firm new to the petroleum industry to succeed.&uot;

Pynergy purchased outlets at 80th and Carr, Alameda and Knox in Denver, and at 12345 Weld County Road in Brighton. The company has 24 employees. Its investors include African-Americans involved in several diverse businesses.

Hubert Jones, Conoco's director of customer service for the company's Rocky Mountain Business Unit, said that other Denver area applications were being considered.

&uot;The program recognizes changing markets and the special needs and product preferences of customers. It's part of Conoco's commitment to best serve its customers,&uot; he added.

START funds are provided by Sun Trust Bank of Atlanta with Conoco providing a credit enhancement to obtain favorable financing terms. Loans typically range from $800,000 to $2 million.

Conoco (NYSE:COCA) (NYSE:COCB) is a major, integrated energy company based in Houston and active in 40 countries. Its operations for refining, transportation and marketing for the western United States are based in Denver where it employs 1,400 people.