Energy Choice
                            

Matters

Petroleum Marketer to Acquire Retail Electric Supplier

September 25, 2014

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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

Apex Petroleum Corporation applied at FERC for approval of a transaction under which Apex would acquire 100% of Castlebridge Energy Group, LLC's outstanding membership shares.

The transaction would transfer control over CEG and its assets subject to the jurisdiction of FERC to Apex, including CEG's authorization to make sales of electric power, energy and ancillary services at wholesale as well as certain wholesale electric contracts entered into pursuant to that market-based rate authorization.

Apex said that the proposed transaction is valued at, "far less than the $10 million threshold under Section 203."

Apex does not currently have any electric operations.

Apex is engaged primarily in the wholesale supply and distribution of petroleum products, including diesel and gasoline to government and commercial customers in Maryland, Virginia, District of Columbia and Delaware. Apex also is licensed to provide these services in New Jersey, New York, Georgia, North Carolina and West Virginia, but has no current operations in these states.

Apex holds a Maryland natural gas broker license, but is not currently active in natural gas brokering in Maryland.

Apex is wholly owned by Anthony Onianwah.

Castlebridge Energy Group holds retail supplier licenses in Maryland, Pennsylvania, and the District of Columbia.

According to Apex's application, CEG's voting membership interests are held by three individuals: Mark S. Schroeder (30%), H. Bertram Wilson (30%), and Kevin S. Kahoe (30%). A fourth individual, Andy Lecce, holds a 10%, non-voting interest in CEG.

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