EDMONTON, Alberta, April 3, 2006 (PRIMEZONE) -- Mr. Andrew Male, Vice President and Director of COSCO ESP Inc., (Pink Sheets:CCPI), the "Company", announces that the Company has received an order to provide long term customer AGOCO (Arabian Gulf Oil Company) with a number of the Company's specialized COSCO Connector System components for existing Electric Submersible Pump (ESP) installations.
AGOCO uses COSCO wellhead electrical feed-through systems on the vast majority of their producing oil wells that utilize ESP artificial lift technology. This contract is valued at EUR310,000 or US$375,600 and is the latest in a string of orders recently placed with the company and part of a long term product and component procurement program that AGOCO has initiated with the Company.
COSCO is pursuing a number of initiatives in the Middle East and Africa with existing clients and new customers in order to expand our scope of operations, increase component product volume, establish long term ESP Artificial Lift installations and attendant parts and service contracts, and explore Joint Venture or partnership possibilities with interested National entities in the region.
COSCO ESP Inc. is a publicly traded on Pink Sheets under the symbol "CCPI", and is an established manufacturer and service provider of down-hole Electric Submersible Pump related equipment in the oil and gas industry. The Company's advanced technology oilfield pumping and monitoring equipment allows for more efficient extraction of oil from new and existing underground oil reservoirs. COSCO is active in several countries in the Middle East as well as Africa, Russia, China and Southeast Asia.
No Stock Exchange has reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined within the "safe harbor" provision as contained in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results.