NEW YORK, Dec. 24 /PRNewswire-FirstCall/ -- United Refining Energy Corp. (the "Company") announced that at a Board of Directors meeting held yesterday, John Catsimatidis, the Company's chief executive officer, reported on the status of discussions with SemGroup, L.P. ("SemGroup"). SemGroup is a privately held midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing of product. SemGroup serves customers in the United States, Canada, Mexico, and Wales.
SemGroup had revenues of over $14 billion in 2007 and employed more than 2,200 persons worldwide. SemGroup entered into Chapter 11 of the U. S. Bankruptcy Code on 22 July 2008.
Mr. Catsimatidis reported that his representatives now control a majority of the seats on the management committee of SemGroup L.P., L.L.C., the general partner of SemGroup, L.P. He also reported that due diligence and discussions with creditors is ongoing, with the intent to develop a plan of reorganization for SemGroup, L.P. Mr. Catsimatidis stated that at this time there is no acquisition transaction to be considered by the Company, but that if a plan of reorganization is developed, he will present the investment opportunity to the Board of Directors of the Company to determine whether it would be an appropriate investment opportunity for the Company.
United Refining Energy Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, exchangeable share transaction, joint venture or other similar business combination with one or more operating businesses. Its main asset is 450 Million in Cash.
The Company is focusing on identifying a prospective target business in the energy industry, but is not limited to pursuing acquisition opportunities only within that industry.
