NEW YORK--(BUSINESS WIRE)--7BRAZOS INTERNATIONAL EXPLORATION, INC. (OTCBB: BRZL), today announced it is moving forward in its planned acquisition and development of oil and gas assets in the Gulf Coast. Based in New York City, BRZL is an oil and gas exploration and development company currently under letter of intent to purchase Renfro Energy, LLC. Renfro Energy is a Dallas-based independent oil company with significant oil and gas assets in Cameron Parish, Louisiana.
The acquisition of Renfro Energy, which is expected but not certain, is BRZL’s first step in acquiring oil reserves in anticipation of increasing worldwide demand. This demand is expected to exert upward pricing pressures on oil in the near and long term. Management states that BRZL is well-positioned to take advantage of this economic trend through its purchase of Renfro Energy and other targeted acquisitions.
Mr. James R. Renfro, currently Managing Member of Renfro Energy and slated to act as CEO of BRZL once the acquisition is complete, is enthusiastic about the company’s future. “We expect immediate profits will come from oil and gas production generated by the assets we will acquire. Our strategy will also be focused on generating acquisitions of complementary businesses, such as the transportation and storage of crude oil and petroleum products. Our management team has experience in this area and we have a wide number of contacts in the industry.”
Mr. Renfro has over 25 years’ experience in the oil and gas industry and has assembled an experienced management team ready to guide the company going forward.
Mr. Renfro, who holds an MBA in Finance from the University of Chicago and a BS in Chemical Engineering from the University of Kentucky, has owned and managed several oil and gas companies including both private and public companies. He has been involved in strategic planning with Shell Oil, investment banking with Dean Witter/Morgan Stanley in its New York office, and energy investment banking as Vice President of EnCap Investments. Mr. Renfro also has a background as a petroleum/chemical engineer. His blend of Wall Street and engineering experience has prepared him well to assume leadership of BRZL.