SOURCE: Providential Holdings, Inc.

June 13, 2007 09:12 ET

Providential Holdings Announces Appointment of David Wilson as President of Its Joint Venture PhiTex Energy Corp.

LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - June 13, 2007) - Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company investing in the rapidly growing economies in Vietnam and Asia, announced today the appointment of David Wilson as president of PhiTex Energy Group, Inc., a joint-venture company between Providential Energy Corp. (a wholly owned subsidiary of Providential Holdings, Inc.), which holds 87.5% of the venture and Texas-based Unitex Oil and Gas, LLC., which holds the other 12.5% of the venture.

Wilson, who has been active in the oil and gas industry for more than a decade, has evaluated, acquired and operated oil and gas properties as president of Unitex Oil and Gas, LLC. During his six year tenure as president, Wilson streamlined day-to-day operations and focused on acquiring additional oil and gas properties with upside potential.

Wilson said, "My goal, as president of Unitex Oil and Gas, LLC. and PhiTex Energy Group, Inc., will continue to be to progressively seek out and identify under explored, under valued, or under developed oil and gas properties in the West Texas region. By coupling a common sense approach with years of experience and cutting edge technology, Unitex and PhiTex will be jointly successful as we acquire and develop oil and gas properties."

Providential Holdings Chairman and CEO Henry Fahman said, "David has a strong record of expertise in the oil and gas industry. We are pleased that with this joint venture agreement he will take the helm as president and continue to identify, evaluate, negotiate, acquire and operate oil and gas properties throughout West Texas."

About Unitex Oil & Gas, LLC.

Unitex Oil & Gas, LLC. is a company that focuses on acquiring, operating and further developing oil and gas assets through proven fields. Unitex targets fields that have upside potential such as "in field" drilling, additional reservoir exploitation (BHP potential), formation stimulation, water flood programs and "cost effectively" streamlining day-to-day field operations.

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services, independent energy and investment in the growing Asian and Vietnamese economies. The company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a leading U.S. investment banking firm, to help Vietnamese companies go public and raise capital through the U.S. financial markets.

For investor relations questions regarding Providential, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com. To receive free e-mail notification of future press releases for Providential, sign up at http://www.hawkassociates.com/email.aspx.

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

Contact Information

  • Investor Relations Contacts:

    Hawk Associates, Inc.
    Frank Hawkins
    Julie Marshall
    Phone: (305) 451-1888
    E-mail: Email Contact