SOURCE: Providential Holdings, Inc.

April 03, 2007 09:25 ET

Providential Holdings Subsidiary Enters Joint Venture Agreement for Oil and Gas Projects

LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- April 3, 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 its wholly owned subsidiary Providential Energy Corp. has entered a joint venture agreement with Texas-based Unitex Oil & Gas, LLC. Through the joint venture agreement Unitex will identify, evaluate, negotiate, acquire and operate oil and gas properties in West Texas and other U.S. locations, while Providential will raise capital for the purchase and operation of each property.

Providential will raise the required capital for the joint venture company and will hold 87.5% of the stock for the joint venture company. Unitex will hold 12.5% of the joint venture's stock.

Providential Holdings Chairman and CEO Henry Fahman said, "Unitex has a strong record of expertise in the oil and gas industry. We are pleased with this joint venture agreement and look forward to working with Unitex to cooperate in funding, owning, developing and operating potential oil and gas projects."

President of Unitex, David Wilson, said, "With Providential's capital raising ability and our industry knowledge we are poised for a successful venture and we look forward to beginning our partnership."

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