Houston, Texas, September 16, 2013 - Texas Gulf Energy, Inc (TXGE) announced last week that it intends to spin off the remaining shares owned by the company in its former wholly owned subsidiary Texas Gulf Oil & Gas, Inc (TGOG) to TXGE stockholders in a pro-rata, tax-free dividend. Additionally, the Company has been approached by several very qualified parties interested in purchasing two subsidiary business units, Fishbone Solutions, Inc. and Texas Gulf Energy Industrial Services, Inc. These developments are a continuation of the plans announced earlier this year to take steps to enhance shareholder value. International Plant Services, LLC, our construction services subsidiary, continues to develop new sources for the management, supervision and skilled craftsmen required by the new projects planned for late 2013 and 2014.
Texas Gulf Energy CEO Craig Crawford stated "The increase in spending by Oil and Gas Companies continues to drive increased spending on new projects in the midstream and downstream markets. These projects create new and refurbished industrial facilities in the oil field, pipelines, refining and chemicals industries, that require engineering and construction management expertise combined with the ability to safely and intelligently deploy skilled craftsmen wherever they are needed. These industry requirements are in the sweet spot of services offered by the Company and its subsidiaries. We are focused on projects in the $1million to $30 million range, a project size that our larger competitors cannot service as efficiently as we can."
About Texas Gulf Energy, Incorporated (http://www.tgnrg.com/)
Focused on providing expert advisory services on program and project management and fast track construction and turnaround services to large refinery, petrochemical and mining projects, Texas Gulf Energy, Incorporated is a safe, well managed, construction services consortium. Our service lines include direct hire capital construction services, turnaround services, and program management. Our clients include some of the largest energy companies in the world such as Exxon Mobil, Conoco Phillips, Chevron, Valero, and others. We are particularly well known throughout the energy markets for our ability to provide construction services with professional, experienced and well trained teams to maximize the ability of our customers to complete major projects safely, on time and on budget. Now entering our tenth year in business, we have vertically integrated our service offering into other energy market segments, including refinery turnaround services, petrochemicals, and professional consulting services both to better serve the needs of our clients.