Houston-based Company Anticipates $360 Million In Q3 and Q4 of 2011; Inks Deal to Address Transportation Challenges of Bringing Eagle Ford Crude to Market
Houston, TX (June 1, 2011) -- Republic Gathering & Marketing LLC, a Houston-based crude oil purchasing and trading company (www.republicgm.com), announced today it has signed an exclusive joint venture agreement with Palletized® Trucking to effectively transport crude out of the Eagle Ford Shale and reliably bring it to market. Republic expects to purchase and transport 600,000 barrels per month by the end of 2011, equating to approximately $360 million in the third and fourth quarter.
Republic, a portfolio company of Layton Corporation (www.laytoncorporation.com), signed the agreement with Palletized® Trucking (www.palletized-trucking.com), a 42 year-old family owned and operated Houston company, to address logistic transportation challenges that exist within the Eagle Ford Shale. “There is a tremendous shortage of transportation in the Eagle Ford Shale,” said Daniel T. Layton, a Houston-based energy investor, financier and CEO of Layton Corporation. “The majority of the 600,000 barrels we expect to recover from the site by the end of this year are already spoken for and we needed to secure a way of getting this crude to market that we felt would be consistently reliable. Palletized® Trucking’s professional record and long-standing history assure us of having that vital link between the field and the refinery.”
Michael King, President and CEO of Palletized® Trucking, said that his company’s heavy hauling experience in the oil field will prove to be a dependable asset for Republic in south Texas. “The opportunity to join Republic as their exclusive hauling partner in the Eagle Ford Shale is an exciting moment in our family’s business history,” said King. “Everyone associated with this company is committed to providing outstanding service and working to make sure that we deliver in a way that assures a long and mutually beneficial working relationship with Republic.”
Republic Gathering and Marketing LLC purchases and transports oil and condensate from major and independent producers in North America with emphasis on South Texas and the Eagle Ford.
Palletized® Trucking is a family owned and operated trucking company founded in 1969. Since that time, Palletized Trucking has evolved into a multi-service transportation company that handles domestic, export, and import cargoes. From its terminal locations in Houston, Texas, the company provides service within the Houston Commercial Zone and to points throughout the contiguous 48 states and Canada.
Layton Corporation is a Houston based energy investment firm engaged in all sectors of the energy industry worldwide. The company primarily acts in a principal capacity. Currently the company seeks international and domestic opportunities in the trading, transportation, service and electricity sectors. For more information, visit www.laytoncorporation.com.
Contact: Chris Wailes Pierpont Communications713.627.2223 (office) email@example.com