SOURCE: PGI Energy

PGI Energy

September 20, 2011 05:01 ET

PGI Energy Near Completion of Two Drilling Rigs Under Its $68 Million Contract With Its Subsidiary PGI Engineering & Manufacturing

HOUSTON, TX--(Marketwire - Sep 20, 2011) - PGI Energy, Inc. (PINKSHEETS: PGIE) announces near completion of two drilling rigs under its $68 million contract with its subsidiary business PGI Engineering & Manufacturing formerly known as Structural Dynamics Engineering. PGI entered into an agreement to sell eight drilling rigs to PT Rebana Energi Corpindo for $68.6 million. We are near completion of the first 2 of 8 Sub-Structures and Mast for the Super Single Drilling Rigs order to PT Rebana Energi Corpindo. New photos of the rigs' construction will be posted via the company's social media sites to provide transparency to our shareholders. The buyer will be traveling to PGI Energy headquarters in Houston the first week of October to inspect the first two rigs, at which time they will pay the 45% down payment through a letter of credit for completion and delivery of the order. While we rely heavily upon contracts and documents entered into between us and our vendors, we are mindful that business interruptions occur that affect the performance of contracts which could ultimately cause terms of a contract to not be performed. We take every reasonable precaution in securing agreements that we believe will be performed as agreed. If upon inspection of the rigs the buyer decides not to move forward the rigs will be sold to other clients. The completion of these rigs will add significant shareholder value and strong revenues. PGI Engineering & Manufacturing has been negotiating with several potential drilling services companies to purchase more rigs. The company is positioning itself to take advantage of the current industry demand for new drilling rigs... we see this as a great opportunity to grow the business.

PGI ENGINEERING & MANUFACTURING, INC.

PGI Engineering & Manufacturing develops a variety of products for oil field services companies, products include: land drilling rigs, crown blocks, top-drives, traveling blocks, rotary tables, pipe handler equipment, catwalks, automation, robotics, and full repair services and material handling equipment. Structural Dynamics Engineering has been a privately owned company by Jose A. Macias, M.E. who has worked for several companies in Aerospace, Automotive, and Structural Design. Mr. Macias has also been providing consulting services for multiple well know corporations since 1986.

Website: www.pgi-engineeringmfg.com - Formerly: www.structuraldynamicsengineering.com

Super Slant Drilling Rig designed by Mr. Macias and built for Precision Drilling can be seen on You Tube at www.youtube.com/watch?v=1Au2kTVWoe8

About us

PGI Energy, Inc. is an energy holding company headquartered in Houston, Texas. The company's purpose is to acquire assets in the proven producing oil, gas assets, refinery, pipeline sectors of the energy industry and other synergistic assets.

PGI has formed several partnerships to grow its core business organically through strategic alliances diversifying its interest in green energy through biomass production, waste to energy, wood pellets production, syn gas, bio char production and plastics to synthetic crude. PGI has several core divisions which provide support to its operations and customers such as PGI Transportation & Logistics, PGI Engineering & Manufacturing, PGI Green E & P, PGI Commodities Trading, and PGI Energy Trading, LTD.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "intends, "plans," "should," "seeks," "pro forma," "anticipates," "estimates," "continues," or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under "Risk Factors" and "Our Business." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.

For more information visit: WWW.PGIEnergy.us or Email: ir@pgienergy.us

Contact Information

  • Contact
    Media/PR
    PGI Energy, Inc.
    Jose I. Colon
    832-900-1400