ESP Resources' Subsidiary Completes Filing for Certification in Papua New GuineaCertification as Foreign Enterprise Under Papua New Guinea's Investment Promotion Act Enables Company to Accept Contracts Under ESP KUJV LimitedMarketwire
SCOTT, LA -- (Marketwire) -- 08/07/12 -- ESP Resources, Inc. (OTCBB: ESPI) (the "Company" or "ESP Resources"), an oil and gas services company, today announced that through its wholly-owned subsidiary in Panama, ESP Corporation, S.A. ("ESP"), it has completed the necessary document filings under Papua New Guinea's Investment Promotion Act to certify ESP KUJV Limited, ESP's joint venture with Komo Umbrella Joint Venture Limited, to accept contracts and to carry out specific project work related to the development of the Komo international airfield.
Under the terms of the joint venture and with a completed certification, ESP KUJV Limited can begin accepting work contracts from the world's largest international and publicly-traded oil and gas company for development of the Komo international airfield. The Komo international airfield is being developed to support the $15.7 billion PNG liquid natural gas project currently under construction.
Through ESP KUJV Limited, the Company expects to receive initial contracts related to the Komo airfield development project within the next 60 days which it believes will deliver significant revenue growth. The Company expects multiple contracts before the end of 2012 and into 2013.
"We are pleased to have completed filing for certification in Papa New Guinea and, through ESP KUJV Limited, now be able to accept and fulfill these lucrative contracts. As announced in my statement to shareholders last week, adding infrastructure-related operational and managerial services to our already competitive repertoire of petrochemical and analytical services and factoring in the opportunity to work with the largest oil and gas company in the world puts ESP Resources at a distinct advantage to other players in the market. We are extremely excited about the potential of these contracts. With the addition of them to our existing revenue stream, we estimate that we are on the brink of a significant breakthrough in growth," stated David Dugas, President & CEO.
About ESP Resources, Inc.:
ESP Resources, Inc. is a publicly traded oil and gas services company (OTCBB: ESPI) headquartered in Scott, LA. Through its subsidiaries, the Company manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry and also provides services for the upstream, midstream and downstream sectors of the energy industry, including new construction, major modifications to operational support for onshore and offshore production, gathering, refining facilities and pipelines designed to optimize performance and increase operators' return on investment. The Company's senior management has over 100 years of combined operating experience in the oil and gas services industry. More information is available on the Company's Website at www.espchem.com.
Legal Notice Regarding Forward-Looking Statements:
This press release contains "forward looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements.
Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release. In evaluating these statements, you should consider the risks discussed, from time to time, in the reports we file with the U.S. Securities & Exchange Commission. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see the Company's Form 10-Ks and 10-Qs on file with the U.S. Securities & Exchange Commission.Company Contact:David DugasPresidentESP Resources, Inc.email@example.com(337) 706-7056Investor Relations Contact:Howard GostfrandPresidentAmerican Capital Ventures, Inc.firstname.lastname@example.org(305) 918-7000
Source: ESP Resources, Inc.