CW Petroleum
Corp (CWPE) Reports Revenues for Q3-2023
Katy, TX --
October 18, 2023 -- InvestorsHub NewsWire
-- CW Petroleum
Corp (CWPE)
(the "Company"), a leading
provider of Specialty Renewable and Hydrocarbon Motor Fuels, today
announced unaudited financial results for the third quarter ended
September 30, 2023.
Key Financial
Highlights for Three Months Ended September 30, 2023, Compared to
Prior Year Period:
-
2023 Revenues
of ~$2.3Million vs 2022 Revenues of ~$2.4Million
-
2023 EBITDA
of $199,600 vs 2022 EBITDA of $28,204
-
2023 Net
Income of $111,884 vs 2022 Net Income of $(36,418)
(Loss)
Key Financial
Highlights for Nine Months Ended September 30, 2023, Compared to
Prior Year Period:
-
2023 Revenues
of ~$7.3Million vs 2022 Revenues of ~$5.8Million
-
2023 EBITDA
of $746,963 vs 2022 EBITDA of $(81,507) (Loss)
-
2023 Net
Income of $509,495 vs 2022 Net Income of $(262,553)
(Loss)
Management
Commentary:
Chief Executive Officer
Christopher Williams commented, "The Company has posted three
consecutive quarters of positive EBITA and Net Income resulting
from strong demand for renewables, pipeline trading, and specialty
hydrocarbon fuels." The Company is on track to exceed 2022 annual
revenues of $7.9MM with a forecast of $8MM-$10MM in annual revenues
for 2023.
As of
10/1/2023, OTC Markets has assigned "Penny Stock Exempt" Status to
CW Petroleum Corp (CWPE)
Detailed information about the
Company OTC Markets at:
CWPE
News
CWPE
Disclosures
CWPE
Security Detail
For additional information, visit our website at cwpetroleumcorp.com, email: investor@cwpetroleumcorp.com
, or call 281-817-8099
About CW
Petroleum Corp
CW Petroleum Corp was
incorporated in the State of Texas on April 29, 2005 and began
operations in 2011. On April 14, 2018, CW Petroleum Corp was
incorporated in the State of Wyoming. On April 15, 2018, the Texas
corporation became a wholly-owned subsidiary of the Company through
a share exchange. CW Petroleum Corp (Wyoming) is a holding company
and through our wholly-owned subsidiary, we supply and distribute
biodiesel, biodiesel blends, ultra-low sulfur diesel, gasoline
blends, renewable gasoline, and a proprietary EPA-approved
reformulated no ethanol gasoline to distributors, convenience
stores, and marinas.
Forward-Looking
Statements
Certain statements in this press
release may contain "forward-looking statements" regarding future
events and our future results. All statements other than statements
of historical facts are statements that could be deemed to be
forward-looking statements. These statements are based on current
expectations, estimates, forecasts, and projections about the oil
and gas markets, energy markets, and other markets in which we
operate and the beliefs and assumptions of our management. Words
such as "expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," "endeavors,"
"strives," "may," or variations of such words and similar
expressions are intended to identify such forward-looking
statements. Readers are cautioned that these forward-looking
statements are subject to a number of risks, uncertainties, and
assumptions that are difficult to predict, estimate, or verify.
Therefore, actual results may differ materially and adversely from
those expressed in any forward-looking statements. Such risks and
uncertainties include those factors described in the Company's most
recent annual report on Form 1-K, which may be amended or
supplemented by subsequent semiannual reports on Form 1-SA or other
reports filed with the Securities and Exchange Commission. Readers
are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements are made only as of the
date hereof, and the Company undertakes no obligation to publicly
release the result of any revisions to these forward-looking
statements. For more information, please refer to the Company's
filings with the Securities and Exchange Commission.
No Offer or
Solicitation
This communication does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.