SOURCE: Petroleum Consolidators of America, Inc.

February 11, 2009 16:01 ET

Petroleum Consolidators Signs Letter of Intent to Acquire Interest in a Producing Oil Well

PALM BEACH GARDENS, FL--(Marketwire - February 11, 2009) - Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a gasoline station/convenience store operator, is pleased to announce that it has signed a letter of intent to acquire a 45% working interest in an oil well in the highly prolific areas of Scott, Fentress and Morgan Counties, Tennessee, U.S.A.

The well, which is projected to produce between 6 and 12 barrels of sweet light crude per day, offers PCAI immediate cash flow and a short-term return on its investment. We believe that investing in this asset will also offer us the opportunity to see price appreciation as crude moves higher. Furthermore, the operator will begin the process of equipping the well for the sale of natural gas which we believe will also be produced.

Petroleum Consolidators President and CEO David Cohen stated: "We are extremely excited to have been able to enter into this letter of intent and look forward to finalizing the acquisition in the next 60 days." Additionally, Cohen stated, "This marks an additional development in diversifying our revenue stream and although this achievement does not generate a multi-million dollar revenue stream, we see this as the first step in the rung of a tall ladder of further oil well expansion."

About Petroleum Consolidators of America.

Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.

Safe Harbor

This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum and gasoline markets; changes in the competitive landscape of the convenience store industry, including gasoline stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the markets we serve; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including our principal suppliers of gas and merchandise, and their ability to continue to supply our stores; environmental risks associated with selling petroleum products; governmental regulations, including those regulating the environment; and acts of war or terrorist activity. Results actually achieved may differ materially from expected results included in these statements. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, the Company cautions that the risk factors listed in this paragraph are not exhaustive.

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