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Blackwater Midstream Corp. Announces Highest Gross Revenue Month in Company's History

Tuesday, April 10, 2012 2:03 PM


Blackwater Midstream Corp., (OTCBB:BWMS) announces that its gross revenues of $1,065,000 for the month of March, 2012 are the highest in the company’s history and has eclipsed the previous mark by more than $160,000.

Mike Suder, Blackwater Midstream Corp.’s Chief Executive Officer stated, “We are extremely pleased with the revenue results that we have achieved for the month of March, 2012. Our financial success is being driven by higher product throughput volumes and higher utilization rates of our existing capacities. In fact, our three terminal facilities in Westwego, Louisiana; Brunswick, Georgia; and Salisbury, Maryland currently have any overall utilization rate of 94%.”

Frank Marrocco, Chief Commercial Officer of Blackwater Midstream Corp. added, “In addition to our strong revenue results, we are also excited to have future growth taking place as well. We are in the process of constructing new capacity at our Brunswick, Georgia site for a long term customer commitment, and are working diligently with local officials to secure permitting to allow expansion at our Westwego, Louisiana facility. Most importantly, the cornerstone of our success is based on our outstanding customer service and operating our terminals safely and efficiently.”

Blackwater Midstream Corp. is an independent developer and operator of bulk liquid storage terminals including facilities within the Port of New Orleans in Westwego, Louisiana, Brunswick, Georgia, and Salisbury, Maryland. The Westwego facility consists of 856,000 barrels of storage capacity, while the Brunswick facility has 162,000 barrels of capacity, and 177,000 barrels at the Salisbury, Maryland terminal. All locations are capable of storing a variety of liquid products. Blackwater Midstream is a member of the International Liquid Terminal Association.

The information in this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to prospective acquisitions or anticipated future results. Forward-looking statements relate to expectations or forecasts of future events. Blackwater Midstream does not assume the obligation to update any forward-looking statement. Many factors could cause actual results to differ materially from Blackwater Midstream Corp.’s forward-looking statements, including market forces, economic factors, the availability of capital and credit, current and future competition and other uncertainties. For further details about these and other factors that may impact the forward-looking statements, see Blackwater Midstream Corp.’s Securities and Exchange Commission filings, including the "Risk Factors" in the Annual Report on Form 10-K. This discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes included in our Quarterly Report on Form 10-Q as of December 31, 2011 and our audited financial statements and notes included in our Annual Report on Form 10-K as of and for the year ended March 31, 2011. For more information, please reference our website at www.BlackwaterMidstream.com.

(Source: Business Wire )
(Source: Quotemedia)

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