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Able Energy Inc. Message Board

  • crossroadz2000 crossroadz2000 Sep 15, 2005 6:38 PM Flag

    $19.5M for a refinery.......

    price sure is cheap considering all the talk about building a new one at a cost of over $2-$3 billion.

    What am I missing?

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    • its 500 barrels a day

      small time is OVERSTATING it

      a Mom and Pop operation

      only smaller

      • 1 Reply to windough_shopper
      • 5,500 barrels a day moron...check the news...MarketWatch
        Market Pulse: Able Energy jumps on letter to acquire Ky. refinery
        Thursday September 15, 11:39 am ET
        By Michael Baron

        NEW YORK (MarketWatch) -- Shares of Able Energy surged 34% to $15.99 on Thursday, making it the top percentage gainer on the Nasdaq. The move comes after the company said Wednesday that it's signed a letter of intent to acquire PHS Group and its related affiliates, the owners of the Somerset Refinery in Kentucky, for $19.5 million. The proposed purchase price reflects the assumption of about $10.5 million in debt. Able said the refinery has the capacity to process 5,500 barrels of oil per day. The company said the letter provides for a 30-day due diligence period, after which a definitive agreement could be signed. Able expects the transaction would close 30 days after the execution of a definitive agreement.