HOUSTON and KEMAH, Texas, Sept. 22, 2010 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTCBB:AMIN) today announced that Brenham Oil & Gas Corp. ("BOG"), American's majority-owned subsidiary, filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") for the purpose of registering 10,297,019 BOG common shares distributed as a special dividend to AMIN's stockholders. AMIN's stockholders were issued one share of BOG common stock for each share of AMIN common stock owned and held on the Record Date, June 16, 2010. When the registration statement is declared effective by the SEC, AMIN's non-affiliated shareholders will have registered, free-trading shares. BOG plans to apply for a symbol and have its shares subject to quotation on the OTC Bulletin Board.
Mr. Daniel Dror, Chairman and CEO of AMIN and BOG, stated, "The board of directors of both AMIN and BOG believe that this is in the best interest of our stockholders. The spin-off of BOG as a separate public company will best facilitate the ability of BOG to implement its business plan to become an independent, oil and gas-focused exploration and production company by acquiring oil and gas-related assets in the United States and international locations."
Mr. Scott Gaille, President of BOG, stated: "After considering numerous oil and gas-producing regions in which to focus our exploration and development efforts, the BOG board concluded that our initial focus area would be West Africa." Mr. Gaille explained that "West Africa has demonstrated a recent track record of significant petroleum discoveries." Mr. Gaille has been working closely with West African petroleum concessions since 2004, when he acquired several petroleum licenses in Nigeria and Angola for Occidental Petroleum Corporation, including participation in the ExxonMobil-operated multi-hundred million barrel Uge Field oil discovery in Nigeria. Mr. Gaille has assembled a technical team with extensive experience in geologic evaluations of petroleum concessions in West Africa and elsewhere. The Brenham technical team includes Mr. Bill Trojan, who was previously Vice President of Worldwide Deepwater Exploration for Phillips and West African Exploration Manager for ConocoPhillips. Mr. Trojan has participated in discoveries totaling billions of barrels of oil over the course of his career, including along the West African coast in Nigeria and Cameroon.
Mr. Dror further stated that, "With the filing of the BOG registration statement, AMIN will now have two public company subsidiaries in the oil and gas sector: Delta Seaboard International, Inc. (OTCBB:HMDI), engaged in the oil & gas service industry; and Brenham Oil & Gas Corp., which will operate in the oil and gas exploration and development industry. We believe that with these developments, we hope to improve our results of operations and net income, having reported net income of $1,513,018, or $0.15 per share, for the quarter ended June 30, 2010. AMIN continues to evaluate potential acquisitions that will benefit our shareholders and those of our subsidiaries."
For more information, please visit our website at www.brenhamoil.com or request information via email to info@brenhamoil.com
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International and Berkshire Hathaway. The Company has holdings in Industry, Finance, and Real Estate in Houston Texas and surrounding areas, and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. The Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
Forward-Looking Statements:This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of operations to be materially different than those expressed or implied in such statements. These risk factors and others are included in the BOG registration statement and from time to time in AMIN's documents that it files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on future results. The forward-looking statements included in this press release are made only as of the date hereof. Neither AMIN nor BOG can guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, AMIN and BOG undertake no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by either company.