Heating Oil Partners Income Fund

Heating Oil Partners Income Fund

May 24, 2005 10:04 ET

Heating Oil Partners Income Fund Announces Appointment of New Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - May 24, 2005) -

Not for distribution to U.S. newswire services or for dissemination in the US.

Heating Oil Partners Income Fund (the "Fund") (TSX:HIF.UN) announced today that its operating subsidiary Heating Oil Partners, L.P. ("HOP" or the "Company") has appointed Carlos L. Rojas as its new Chief Financial Officer effective June 13, 2005. Mr. Rojas has over 24 years of experience in accounting and financial services with a variety of companies both in the United States and overseas. During the last nine years, Mr. Rojas has focused his efforts on assisting companies in turn-around situations. He has held key financial positions with a variety of entities including MasTec, Inc., Epik Communications, Inc., Fenix LLC, Tess S.A. and Bellsouth International. Mr. Rojas has a Masters degree in Accounting and is a Certified Public Accountant.

Michael Anton, HOP's CEO, stated "I am extremely pleased with the selection and appointment of Carlos L. Rojas as HOP's next CFO. His depth and breadth of experience make him uniquely qualified to address the challenges currently faced by the Company. On behalf of the entire HOP management team, I would like to welcome him aboard. "

Mr. Anton continued, "Mr. Rojas will be filling the position vacated by Paul Forrest, the Company's current CFO, who is retiring. Since joining the Company in 1997 as its CFO and an equity partner, Paul has been a tremendous asset to me personally and tireless in his effort and service to the Company in general. Paul has graciously agreed to assist in Mr. Rojas' transition."

The Fund indirectly owns approximately 88.1% of HOP, one of the largest residential heating oil distributors in the United States. HOP delivered over 229 million gallons of heating oil and other refined liquid petroleum products for the twelve months ended March 31, 2005 to approximately 137,000 residential and commercial customers, primarily in Connecticut, Delaware, Massachusetts, New Jersey, New York, Pennsylvania and Rhode Island. HOP's operations are conducted through 16 regional distribution and service centres. From these centres, HOP provides its customers with a full range of value-added services, including the delivery of heating oil and the installation, maintenance and service of furnaces, boilers, heating equipment and air conditioners on a 24 hours-a-day, 365 days-a-year basis.

This news release contains forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors outside of Management's control that could cause actual results to differ materially from those described in the forward-looking statements. The Fund does not assume responsibility for the accuracy and completeness of these forward-looking statements and does not undertake the obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Heating Oil Partners, L.P.
    Vice President & General Counsel
    (203) 655-8290