Apollo Resources Subsidiary Signs Letter of Intent
with Chemicals Processing Company
Tuesday May 24, 10:25 am ET
DALLAS--(BUSINESS WIRE)--May 24, 2005--Apollo Resources International, Inc. today announced that its 50% owned subsidiary, Earth Biofuels, has signed a letter of intent to enter into a long-term lease arrangement with Galco Environmental Specialists, based in Pasadena, Texas. Under the proposed arrangement, Earth Biofuels would modify and utilize the chemicals processing facility owned by Galco in order to produce biodiesel fuel. Once modified, the plant would add 10 million gallons per year of biodiesel production capacity for Earth Biofuels.
Earth Biofuels CEO, Tommy Johnson, stated, "Earth Biofuels has been focused on building a presence in the petrochemical industrial area along the Houston Ship Channel. This agreement will help us establish ourselves in the Houston area where we believe there are excellent biodiesel production, storage, and sales opportunities."
Apollo Resources International ( www.apolloresources.com ) is a public energy company focused on the acquisition and development of upstream oil & natural gas production assets. In the Four Corners area of New Mexico, Apollo has over 1.5 million barrels of oil in recoverable reserves and 10 billion cubic feet of natural gas reserves. Apollo owns approximately 1,800 miles of pipeline easements and pipelines in Oklahoma, Texas, Kansas, and Illinois. Apollo also has government certified 4.3 million barrels of oil in recoverable reserves through the acquisition of JSC Kaliningradneft in the Russian province of Kaliningrad. Additionally, the Company evaluates and develops existing and future alternative energy sources, such as biodiesel fuel.
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
Apollo Resources International, Inc.
Engineering News Archive