An oil and gas exploration concern out of Rockville Center, New York is putting its money where its mouth, placing a bet on facilities further south.
Supernova Energy, Inc. (OTC:SPRN) has begun talks to acquire an oil refinery complex in Kentucky, a refinery which previously processed up to 6,000 bbl. of crude oil/day but has been dormant for more than two decades.
Said CEO Kevin Malone "Despite the fact that refineries are often one of the most profitable components of the oil industry, there are very few, if any, new oil refineries being built or planned in the United States because the approval and licensing process is extremely difficult, costly, and time consuming.
"That’s why we feel that the chance to buy this land and equipment including a grandfathered oil refinery license is an exceptional and rare opportunity that we shouldn’t pass up without fully investigating."
More information about the proposed purchase will be released upon completion of pre-deal due diligence and execution of a term sheet.
Shares in SPRN climbed 19.6% in the final hour of trading Thursday to 55-100ths of a cent, on volume topping 3.2 million shares.
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