HOUSTON,TEXAS (August 2006) – Quintana Capital Group, L.P. today announced that Quintana Energy Partners, L.P. and its affiliated partnerships (collectively,"Quintana"), alongside James Jones, Sr. and a small investor group,have completed the organization of Gulfstream Terminals & Marketing, LLC ("Gulfstream" or the "Company") and closed on the purchase of an idled terminal in Bay City, Texas, a distressed seller for an undisclosed amount.
“After an extensive evaluation and negotiation period, I am pleased with partnering with Quintana to pursue a niche terminalling and marketing operation”, stated Gulfstream’s President and CEO James Jones, Sr. “The Bay City terminal site allows for us to receive refined products from multiple suppliers to then market through what will be a state-of-the-art truck rack to the local jobber market.”
Corbin J. Robertson III, Managing Director of Quintana, stated, “James brings a seasoned management approach toward managing an upstart terminalling and marketing operation. We aim to have the terminal in operation during the first half of 2007 and will evaluate other niche downstream projects and opportunities thereafter.”
Once operational, the Company will operate a terminal with 110,000 barrels of storage capacity. Located just south of Bay City,the terminal will provide jobbers with competitively priced diesel and gasoline, serving the region between the Houston Ship Channel and Victoria and western side of Houston. Gulfstream expects to hire seasoned personnel to manage the day-to-day activities.
Certain statements in this press release include statements that may constitute"forward-looking" statements, usually containing the words"believe," "estimate," "project,""expect," "plan," "should" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
Contact for Gulfstream Terminals & Marketing, LLC: Bill Cook Chief Financial Officer 979-244-9990
