Somerset Refinery, Able Energy Still Negotiating

Able continuing to negotiate with somerset refinery

Somerset, KY (PRWEB) February 11, 2006 -- As this goes to press, Able Energy, Inc. is in negotiations with owners of Somerset Refinery to acquire the refinery. On September 15th, 2005, the Associated Press reported that Able Energy was negotiating to purchase the refinery for $9 million, plus the assumption of $10.5 million in debt. Somerset owners have confirmed that negotiations remain ongoing. Somerset Oil Refinery is the only oil refinery in america currently up for sale and has the capacity to refine up to 7500 barrels of oil a day.

Able Energy Inc. headquartered in Rockaway, New Jersey, is a holding company for five operating subsidiaries, which are engaged in the retail distribution of and provision of services related to home heating oil, diesel fuel, and kerosene. In addition, Able provides complete HVAC installation and repair and can be accessed online at www.ableenergy.com.

The Sellers are located in Somerset, Kentucky where their primary business is the operation of Somerset Refinery, Inc., which has a processing capability of 5500 barrels of oil per day. The refinery primarily produces gasoline at octanes of 87, 89, 91, diesel fuel and heavy fuel oils for homes and industry furnaces. In addition, presently, Somerset Refinery, Inc., supplies product to 13 Somerset Oil Stations in 11 counties in the state of Kentucky, 16 other stations using their equipment and tanks as well as 17 other privately owned gas stations.

Able's common stock is traded on the Nasdaq Capital Market under the symbol "ABLE" and on the Boston Stock Exchange under the symbol "AEI".

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