LAFAYETTE, LA--(Marketwired - Apr 4, 2017) - ESP PetroChemicals, one of the nation's leading formulators of specialty chemicals for the oil and gas industry, today announced that the Company has successfully emerged from its planned reorganization, a process it initiated in March of 2016. In accordance with the terms of the Plan of Reorganization, the Company also completed the sale of substantially all of the Company's assets to Encore Chemical Solutions, LLC.
"We are pleased to complete this process and emerge with a solid financial foundation to support our future growth," said David Dugas, Chief Executive Officer of ESP PetroChemicals. "As the oil and gas market stabilizes, we believe we are well-positioned to meet our customers' growing needs for increased productivity and enhanced profitability through our proprietary line of custom-blended products and innovative applications. We appreciate the commitment of our employees, customers and vendors, whose support has been critical throughout this restructuring process. We look forward to continuing to work together into the future and crafting custom-created solutions to meet our customers' unique needs."
David Dugas will continue to serve as CEO, and Tony Primeaux will remain as Chief Technology Officer. Customers should see no changes in the Company's products or customer service.
About ESP PetroChemicals:
The Company formulates, blends, manufactures, markets and distributes specialty chemicals and analytical services to the oil and gas industry. ESP PetroChemicals 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 more than 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.