Associated Asphalt Hopewell, LLC entered into an agreement to acquire substantially all assets of Regional Enterprises, Inc. from Central Energy Partners, L.P. (OTCPK:ENGY) for $5 million in cash on November 20, 2015. As per the terms of the agreement, $0.58 million of the consideration was deposited in an indemnity escrow account, some portion was used to pay obligations of Regional and the remaining $0.36 million will be transferred to Central Energy as partial satisfaction of the Intercompany Demand Promissory Note between Regional and Central Energy dated March 1, 2012. The consideration is subject to certain adjustments. Ian T. Bothwell, President of Regional and as a Senior Vice President of Central Energy GP LLC resigned from his post. The transaction has been approved by the majority holding shareholders of Central Energy Partners and Board of Directors of Central Energy Partners. The proceeds from the sale will be used to repair Tank 110 and to make principal and interest payments due on the loan by Hopewell Investment Partners LLC to Regional in March 2013. W. Phillip Whitcomb of Munsch Hardt Kopf & Harr, P.C. acted as legal advisor for Central Energy GP, LLC. David N. Cohan acted as general counsel to Associated Asphalt.

Associated Asphalt Hopewell, LLC completed the acquisition of substantially all assets of Regional Enterprises, Inc. from Central Energy Partners, L.P. (OTCPK:ENGY) on November 20, 2015.