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Company Links |
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Major Stock Holders
(Prior To
Offering) |
Name |
Class A |
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Andreas Theotokis |
72.10% |
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Arie Silverberg |
8.80% |
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Energy Corp. |
72.10% |
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George Sagredos |
72.10% |
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Jonathan Kollek |
8.70% |
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Major Stock Holders
(After Offering) |
Name |
Common Stock |
Class A |
Class B |
Class C |
Class L |
ADS |
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Andreas Theotokis |
0% |
16.30% |
0% |
0% |
0% |
0% |
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Arie Silverberg |
0% |
2.00% |
0% |
0% |
0% |
0% |
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Energy Corp.( |
0% |
16.30% |
0% |
0% |
0% |
0% |
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George Sagredos |
0% |
16.30% |
0% |
0% |
0% |
0% |
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Jonathan Kollek |
0% |
2.00% |
0% |
0% |
0% |
0% |
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Business Environment |
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Demand and consumption for crude oil has increased significantly over the past decade due to increased cross-border trade, which has lead to growth in the global economy. As worldwide crude oil demand has surged, production from OPEC and other oil producing nations has increased. Crude oil that is extracted from these producing nations tends to be sour crude and thus more expensive and time consuming to refine.
New environmental regulations requiring lower sulfur fuel specifications has lead to increased demand for extracting sweet crude oil and further refining sour crude oil to meet these specifications. Increased time spent refining sour crude oil to meet lower sulfur fuel specifications has negatively impacted worldwide refining capacity. Decreased refining capacity due to longer refining times coupled with increased worldwide crude oil demand has created a significant bottleneck in the energy chain.
Petroleum terminals are land or sea based facilities that receive, store and re-deliver bulk quantities of crude oil, gasoline and other light petroleum products via pipelines, sea vessels or trucks. These facilities, which are used to store energy before it is refined and distributed to consumers is a vital link in the energy chain.
The transportation of crude oil, gas or refined products by sea going tanker vessels is another important link in the energy chain. Energy must be transported from producing areas to refineries and then onto locations where consumers reside.
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Company Strategy |
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A blank check company organized under the laws of the State of Delaware on August 11, 2005. |
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Product/Services Portfolio |
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The Company was formed to acquire, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more businesses that supports the process of bringing energy, in the form of crude oil, natural and liquefied petroleum gas, and refined and specialized products (such as petrochemicals), from production to final consumption throughout the world. To date, the Company’s efforts have been limited to organizational activities.
The Company does not have any specific business combination under consideration, nor has it had any discussions with any target business regarding a possible business combination.
The Company believes that the demand for energy in today\\\'s global economy presents opportunities for consolidation and growth. Before the marketplace can consume energy, it must be produced, transported, stored, refined and then ultimately distributed.
Additionally, each of these links within the energy chain, specifically, production, refining, terminalling and transportation, is typically fragmented, which the Company’s management believes represents a favorable opportunity to consummate a business combination within the three identified groups of target companies listed below. They include businesses that provide the following services: refining/petrochemical plants that convert crude oil into products for consumption in the marketplace; terminalling facilities, on land or at sea, that are used to accumulate, store and distribute various forms of energy and/or petrochemical products; and transportation of crude oil, gas or refined products by sea going tanker vessels.
The Company has not conducted any research with respect to identifying the number and characteristics of the potential acquisition candidates within any segment of the energy chain, or the likelihood or probability of success of any proposed business combination. In addition, the Company has not compiled a database of entities that are suitable acquisition candidates.
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Investment Analysis |
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The Company has neither engaged in any operations nor generated any revenues to date.
The Company estimates that the net proceeds from the sale of the units in the offering and the private placement, will be approximately $150.1 million (or $172.2 million if the underwriters’ over-allotment option is exercised in full).
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2005
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0.00 |
-910 |
0.00 |
0.00 |
-1879 |
0.00 |
| 2006
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0.00 |
-2,250 |
0.00 |
0.00 |
-4,160 |
0.00 |
*Period from August 11, 2005 to December 31, 2005
*Tree Months Ended March 31, 2006
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2005 |
201,781 |
0.00 |
0.00 |
226,781 |
351,955 |
0.00 |
375,076 |
0.00 |
23,121 |
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2006 |
114,756 |
0.00 |
0.00 |
139,756 |
503,965 |
0.00 |
522,926 |
0.00 |
18,961 |
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*As of period ended March 31, 2006
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2005 |
1,781 |
0.00 |
200,000 |
201,781 |
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2006 |
-1,201 |
0.00 |
-85,824 |
-87,025 |
*Period from August 11, 2005 to December 31, 2005
*Tree Months Ended March 31, 2006
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- Value Gap 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 