Blackwater Midstream Corporation (OTCBB: BWMS) $31M (MarketCap)

Blackwater Midstream Corporation (OTCBB: BWMS) $31M (MarketCap)

Blackwater Midstream Corporation (OTCBB: BWMS) is an independent developer and operator of agricultural, petroleum, and chemical liquid terminal storage facilities. The company completed its first acquisition in December 2008 of a 752,000-barrel terminal in Westwego, Louisiana, in the Port of New Orleans. The facility consists of 902,000 barrels of storage capacity, and has a total of 5 acres that are available for new tank construction and site expansion. Today, the company is trading at $.58, up $.18 or 45%.

On June 11th, it announced that its subsidiary, Blackwater New Orleans, LLC, had completed a previously announced expansion at its Westwego, LA terminal. Blackwater New Orleans, LLC is an independent operator of a bulk liquid storage terminal in the Port of New Orleans. This expansion included the construction of a new ship dock and three 50,000 barrel storage tanks at the terminal, which is capable of storing a variety of chemical and petroleum products. The site offers marine, rail, and truck access for product distribution. With a draft of 45', this new ship dock has been constructed to accommodate vessels up to 800' in length. The first ship was scheduled to call at the facility on Friday, June 11, 2010. Additionally, the three new 50,000 barrel tanks were built under a long term lease for a new Blackwater New Orleans' customer.

Mike Suder, Blackwater Midstream Corp.'s Chief Executive Officer, stated, "The completion of our new ship dock is a significant event at our Westwego terminal. Up to this point we have been restricted to handling only barges at the site. Our existing customers will now have much more flexibility for their product distribution by being able take advantage of both the import and export markets as it relates to their supply chain strategies. Additionally, this will allow us to continue the development of our business portfolio and attract new customers to the terminal that require this expanded capability."

Blackwater Midsteam Corp. is currently finalizing an additional terminal acquisition in Brunswick, GA that is expected to close by the end of June, 2010.

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