Texas Gulf Energy Inc. (OTC: TXGE) intends to spin off the remaining shares owned by the company in its former wholly owned subsidiary Texas Gulf Oil & Gas Inc. (TGOG) to TXGE stockholders in a pro-rata, tax-free dividend.
Additionally, the company has been approached by several very qualified parties interested in purchasing two subsidiary business units, Fishbone Solutions Inc. and Texas Gulf Energy Industrial Services Inc. These developments are a continuation of the plans announced earlier this year to take steps to enhance shareholder value. International Plant Services LLC, its construction services subsidiary, continues to develop new sources for the management, supervision and skilled craftsmen required by the new projects planned for late 2013 and 2014.
"The increase in spending by oil and gas companies continues to drive increased spending on new projects in the midstream and downstream markets. These projects create new and refurbished industrial facilities in the oil field, pipelines, refining and chemicals industries, that require engineering and construction management expertise combined with the ability to safely and intelligently deploy skilled craftsmen wherever they are needed. These industry requirements are in the sweet spot of services offered by the company and its subsidiaries. We are focused on projects in the $1 million to $30 million range, a project size that our larger competitors cannot service as efficiently as we can," Craig Crawford, Texas Gulf Energy CEO, said in the release.
Texas Gulf Energy Inc. provides craftsmen, architects, and engineers in the energy construction sector in the U.S. The company is headquartered in La Porte, Txas.