EPiC Energy Resources, Inc. provided an update on its operations and outlook for 2008. EPiC announced that the integration is on track of the recently acquired Pearl Investment Company, a diversified engineering and energy services company, and The Carnrite Group, a consulting company focused on providing strategic and operational consulting services to the broad energy industry. The Company also noted that the business and financial fundamentals in each of these groups remain strong. On the financial front, EPiC also noted that it expects to be cash flow positive in the fourth quarter of 2007 and anticipates continued growth in revenue and cash flow in 2008.
"World demand for hydrocarbon fuels continue to expand and the major and independent oil and gas companies are planning aggressive capital investments in the coming years to meet that demand," said Rex P. Doyle, EPiC's CEO. "EPiC is well positioned to ride out the current turbulence in the capital markets and to take advantage of the growing need for our services in the energy segment. We are pleased with our growth, as reflected in the integration of our Pearl acquisition with our Carnrite acquisition, and we are already generating synergies between the consulting and services groups. These synergies have created opportunities domestically and internationally for both companies as they continue to obtain new or additional contracts with a large U.S. independent oil company, a major U.S. integrated oil company, and an international major oil company. Additionally we are currently reviewing potential acquisitions that will expand our footprint and service offerings, including small tuck-in acquisitions that we believe will be accretive to our current consulting groups."
EPiC also announced today that it has entered into agreement to acquire a small privately owned Houston based company specializing in providing the oil and gas sector with industry leading global training, operations documentation, data integration, and consulting services. Utilizing its strong relationships with industry leaders and the latest in technical innovations, the company has positioned itself at the forefront of the global operations support market.
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