Supernova Energy, Inc. (OTC Pink: SPRN) is a US-based oil and gas production and exploration company. Shares surged 34.78% on Thursday, February 14, 2019. Over the past month, Supernova has seen an average daily volume of 139,130 shares. However, on Thursday, 3,324,152 shares traded hands, equating to $20,600 in dollar volume.
Shares surged on Thursday after Supernova announced it has entered into negotiations to acquire a currently-dormant oil refinery complex located in Kentucky. The refinery has been dormant for over two decades, but was previously able to process up to 6,000 bbl. of crude oil per day. In addition, Supernova will have the chance to obtain a “grandfathered oil refinery license” from the deal. Kevin Malone, CEO of Supernova Energy, Inc., commented, “Despite the fact that refineries are often one of the most profitable components of the oil industry, there are very few, if any, new oil refineries being built or planned in the United States because the approval and licensing process is extremely difficult, costly, and time-consuming.” Here is the full press release detailing Supernova’s negotiations to acquire the dormant oil refinery complex:
Supernova Energy, Inc. Press Release:
ROCKVILLE CENTER, NY, Feb. 14, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Supernova Energy, Inc. (OTC PINK: SPRN) (“Supernova Energy” or the “Company”), a U.S. based oil and gas production and exploration company, is pleased to announce that the Company has commenced negotiations to acquire an oil refinery complex in the state of Kentucky. The oil refinery previously processed up to 6,000 bbl. of crude oil/day but has been dormant for more than two decades.
Kevin Malone, CEO of Supernova Energy, Inc., commented, “Despite the fact that refineries are often one of the most profitable components of the oil industry, there are very few, if any, new oil refineries being built or planned in the United States because the approval and licensing process is extremely difficult, costly, and time consuming. That’s why we feel that the chance to buy this land and equipment including a grandfathered oil refinery license is an exceptional and rare opportunity that we shouldn’t pass up without fully investigating.”
“Over the next several weeks, we hope to continue negotiations and complete due diligence that will ultimately lead to Supernova Energy acquiring the project and partnering with experienced local operators to quickly and cost-effectively refurbish and restart operations.”
Supernova Energy expects to release additional information regarding the proposed Kentucky oil refinery acquisition upon completion of pre-deal due diligence and execution of a term sheet.
About Supernova Energy, Inc.
Supernova Energy Inc. (OTC Pink: SPRN) is an American based oil and gas production and exploration company with key holdings in Kansas and Kentucky. The Company’s goal is to acquire economical leases in known oil and gas formations with low cost of recovery. The strategy is to specialize in well bore completion, re-completion and workovers on existing oil and gas production.
Cautionary Statement Regarding Forward-Looking Statements
The foregoing contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. This release contains forward-looking statements that reflect Supernova Energy Inc., plans and expectations. In this press release and related comments by Company management, words like “expect,” “anticipate,” “estimate,” “goal,” and similar expressions are used to identify forward-looking statements, representing management’s current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, achievements or financial position to be materially different from any expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements are set forth in our quarterly and annual reports. Other information can be obtained at www.supernovaenergyinc.com.
Article By: Andrew Rego
