About Us Dynoil LLC Confirms it will build a 100,000 barrel per day Bio-Diesel Refinery | Newport Beach, CA. April 24, 2006 -- A. Vernon Wright, Chief Executive Officer of Dynoil LLC, (“Dynoil”), a Delaware Limited Liability Company, today announced its intentions to build a 1,500,000,000 (1.5B) gallons-per-year refinery to process traditional vegetable oil feedstock into environmentally friendly bio-diesel. Dynoil has selected for its refinery a site near the US traditional center of petroleum refining, Houston, Texas and the US Gulf Coast. The refinery will process conventional vegetable oil into bio-diesel fuel that will contain zero sulphur and nearly zero nitrogen oxide (NOx) emissions. Dynoil’s bio-diesel can be blended into various grades of diesel fuel that may contain from five percent (B5) to twenty percent (B20) bio-diesel to meet market demand requirements. Dynoil’s refinery of alternative energy fuel, which is traditionally referred to as “green” or renewable energy, will process approximately 100,000 barrels per day of vegetable oil into fuel that can be utilized as a blending stock with petroleum diesel. Bio-diesel can also be used for home heating or electric power generation. Dynoil is committed to the utilization of state-of-the-art technology to convert vegetable oil into consumable fuel oil. Dynoil believes that the construction of its 100,000 barrel per day bio-diesel refinery may have positive effects on the current high price of oil by reducing the amount of the traditional importation of crude oil and/or refined petroleum products. As a side effect, the refinery should have a positive, although small, influence on the nation’s balance of payments to OPEC or other oil exporting countries. Dynoil has conducted market studies wherein it has concluded that the current market for bio-diesel in the US Gulf Coast is at least 100,000 barrels per day. Dynoil has also identified markets on the US East, West Coasts and on the Great Lakes where it intends to rapidly expand its production of bio-diesel. Dynoil intends to transform what is presently only a small theoretical market for alternative renewable and environmentally-friendly energy into a commercially available fuel for the US consumer. Dynoil hopes that the demand for various farm grown oils will invigorate the planting of oil producing crops by the American farmers. Dynoil believes that it has created an opportunity to use the latest technology to convert farm grown renewable crops into an alternative energy which will directly impact the consumption of foreign oil. In President Bush’s State of the Union Address, the President clearly stated that the US is “addicted” to foreign oil. Dynoil is committed to producing an alternative diesel fuel to help lessen that dependency.
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Company history
Dynoil LLC made an offer to purchase Unocal in an all cash transaction to take the company private with an offer valued at approximately $20 Billion. The Board of Directors of Unocal approved an offer from Chevron for apprximately $18.2 Billion. Dynoil was disappointed that the Unocal Board of Directors selected Chevron's offer, which deprived the Unocal shareholders of at least $1.8 Billion in value. | Dynoil LLC Confirms it's offer to purchase Unocal Newport Beach, CA. (PRWEB) August 6, 2005 -- A. Vernon Wright, Chief Executive Officer of Dynoil LLC, (Dynoil), a Delaware Limited Liability Company, today confirmed that on July 14, 2005 the company made an offer to purchase all of the outstanding equity of Unocal Corporation (“Unocal”). The offer informed Unocal that Dynoil intended to make an all cash offer to purchase all the outstanding equity securities of Unocal. Thereafter, Dynoil intends to convert Unocal from a publicly-traded company to a privately-owned subsidiary of Dynoil. In connection with this transaction, Dynoil intends to assume certain debt in accordance with provisions of the individual secured instruments.
Due to Unocal’s recent sale of certain Canadian assets and the entry of certain Consent Decrees or Orders, the purchase price at the time of the offer could not be ascertained with certainty. The purchase price will depend on other factors associated with the previously approved offer from Chevron. Notwithstanding the lack of a fixed purchase price, Dynoil intends to offer a price substantially higher than the offer currently accepted by the Board of Directors of Unocal relating to Chevron. Additionally, Dynoil believes its offer will be more attractive than the rejected all cash proposal by CNOOC Limited. The final terms of the offer would be negotiated between the Board of Directors of Dynoil and Unocal.
Dynoil confirmed that it had no plans to change current management or employment levels of Unocal. Dynoil confirmed that it plans to maintain all retirement and pension plans currently existing for Unocal employees. Dynoil will use its best efforts to continue to comply with state and federal regulations relating to the operations of Unocal.
The offer to negotiate a price provided that the transaction would be contingent upon:
(i) Completion of each company’s satisfaction of a comprehensive due diligence investigation, including, without limitation, all procedures normally encompassed by a due diligence. Dynoil confirmed that it was prepared to enter into a confidentiality agreement in this regard.
(ii) Preparation of a definitive purchase agreement satisfactory to both parties and their legal advisors, containing the substance of matters set forth in the Letter of Intent and such additional covenants, representations and warranties as are appropriate; and
(iii) The approval of the Securities and Exchange Commission and any other necessary state or federal regulatory approvals.
(iv) The definitive agreement would be construed and interpreted under the laws of the State of Delaware.
Dynoil confirmed that it was prepared to immediately negotiate the terms of a Definitive Agreement with the Board of Directors of Unocal Corporation.
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