OTCBB Stock Earnings Reports

Texas Gulf Energy, Inc. (Stock Symbol: TXGE) Reports Record Earnings in 2011 10K Filing

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April 11, 2012 -- Houston, Texas --

Texas Gulf Energy, Inc. (OTCQX:TXGE) Chairman and CEO David Mathews announced today: Texas Gulf Energy, Inc. is pleased to report that the company reported record audited basic earnings per share of $.04 cents per common share versus a loss of ($.09) per common share in 2010. Our cash on hand at December 31, 2011 totaled $2,747,880, with $4.4 million in accounts receivable and a receivables financing line available of up to $5 million. Texas Gulf Energy is well positioned to pursue our continuing vertical expansion into the energy markets in 2012. However, we could not have accomplished these excellent results without the financial support of our investors in conjunction with an outstanding performance by the entire Texas Gulf Energy team. Texas Gulf Energy looks forward to reporting another excellent year in 2012; investors should read our 10K in its entirety, but selected excerpts from the 10K discussing our 2011 audited results of operations are shown below. Read Complete SEC 10K Annual Report Filing for December 31, 2011 - Click Here

Texas Gulf Energy, Inc. 2011 Annual Report Summary Results of Operations
Overview: The primary services of our Construction Services segment are capital construction for the downstream petroleum industry and specialty construction for various industries. These services, including project planners, welding, fitters, millwrighting, and fabrication, are provided for projects of varying complexities, schedule durations, and budgets. Our project experience includes renovations, retrofits, modifications and expansions to existing facilities as well as construction of new facilities. Significant fluctuations in revenues, gross profits and operating results are discussed below on a consolidated basis and for this segment. FISCAL YEAR ENDED DECEMBER 31, 2011 COMPARED TO FISCAL YEAR ENDED DECEMBER 31, 2010. Revenues: Consolidated revenues were $30,884,305 in 2011, an increase of $6,902,752 or 29% from consolidated revenues of $23,981,553 in 2010. The increase in consolidated revenues was a result of improvement in the overall market for construction services. The Company added clients and increased billable hours along with increasing our reimbursable rates for our services. Cost of Sales: During fiscal year ended December 31, 2011, we incurred Cost of Sales of $25,413,044 compared to $22,493,029 incurred during the fiscal year ended December 31, 2010 (an increase of $2,920,015 or 13%). Costs increased at a lesser percentage than sales due to the implementation of additional systems and cost controls, as well as a better pricing environment for our services. Gross Profits: Consolidated gross profit increased from $1,488,524 in 2010 to $5,471,261 in 2011. The increase of $3,982,737 was largely due to the effect of higher revenues associated margin. The gross margin was 18% in 2011 up from 6% in 2010. The Company increased margins by increasing hourly rates in the improving market environment and by negotiating increased reimbursement from our clients for mobilization costs. General/Administrative: During fiscal year ended December 31, 2011, we incurred General and Administrative expenses of $3,764,205 compared to $5,105,241 incurred during the fiscal year ended December 31, 2010 (a decrease of $1,341,036 or 26%). General and administrative expenses include corporate overhead, financial and administrative contracted services, marketing, legal, and consulting costs. The decrease was due to increased operating efficiencies and $989,000 in one time legal expenses related to a settlement with a previous executive incurred in 2010. SG&A expense as a percentage of revenue in 2011 were 12% and 21% in 2010. Interest Expense: Net interest expense was $10,883 in 2011 and $2,540 in 2010. The increase in net interest expense in 2011 was due to an increase of amortization of debt costs associated with financing our insurance. Other Income:. Other income in 2011 and 2010 was $45,163 and $-0-, respectively. Taxes: The effective tax rates for 2011 and 2010 were 38.0% and (28%), respectively. The 2010 effective negative tax rate was due to a net operating loss in 2010 that was carried back to prior tax years. A $1,452,242 refund was received in early 2011. Income: Our net income for the fiscal year ended December 31, 2011 was $1,077,394 compared to a net loss of $2,609,744 during the fiscal year ended December 31, 2010 (an increase of $3,687,138). The increase in net income is attributable to the improved market environment, improved utilization

rates, and a new executive management team that added processes and controls to monitor and reduce costs. Weekly income and cost reports have been implemented as a key operating metric for the Company.

LIQUIDITY AND CAPITAL RESOURCES We define liquidity as the ability to pay our liabilities as they become due, fund business operations and meet all monetary contractual obligations. Our primary sources of liquidity in 2011 was cash on hand at the beginning of the year, cash generated from operations and issuance of Series A preferred stock. Cash on hand at December 31, 2011 totaled $2,747,880. Factors that routinely impact our short-term liquidity and that may impact our long-term liquidity include, but are not limited to: Changes in working capital Contract terms that determine the timing of billings to customers and the collection of those billings Time and material contracts are normally billed in arrears. Therefore, we are routinely required to carry these costs until they can be billed and collected. Some of our large construction projects may require significant retentions or security in the form of letters of credit. Capital expenditures Other factors that may impact both short and long-term liquidity include: Acquisitions of new businesses Strategic investments in new operations Purchases of shares under our stock buyback program Contract disputes or collection issues resulting from the failure of a significant customer

In the future we may elect to raise additional capital by issuing common or preferred stock, convertible notes, term debt or future revolving credit facility as necessary to fund our operations or to fund the acquisition of other businesses. We will continue to evaluate our working capital requirements and other factors to maintain sufficient liquidity. Assets: As of the fiscal year ended December 31, 2011, our total assets were $8,346,595 and our total liabilities were $5,055,042. As of the fiscal year ended December 31, 2011, total assets were comprised of a $2,747,880 in cash and cash equivalents, $4,402,230 in trade accounts receivable, $875,327 of prepaid expenses, $191,158 of property and equipment, net of depreciation and $130,000 in deferred tax assets. As of the fiscal year ended December 31, 2011, total liabilities were comprised of a $201,085 in trade accounts payable, $2,939,184 of accrued expenses, an aggregate of $1,430,773 due to related parties and $29,000 in deferred tax liabilities and federal income taxes payable of $455,000. Equity: Stockholders equity increased from a deficit of $692,188 for the fiscal year ended December 31, 2010 to a surplus of $3,291,553 for the fiscal year ended December 31, 2011, a difference of $3,983,741. In December 2011, the Company issued 2,900,000 shares of Series A preferred shares for proceeds of $2,906,347 to the Companys majority owners.

For More Information Contact: Texas Gulf Energy, Inc. Craig Crawford

281-867-8400
www.tgnrg.com

or e-mail info@tgnrg.com
About Texas Gulf Energy, Inc. (www.tgnrg.com) (Formerly known as Global NuTech, Inc.) Since our founding in 2003, our flagship company, International Plant Services, has deployed thousands of engineering, construction, technical, skilled crafts and project management personnel to major international energy companies including; Exxon Mobil, Conoco Phillips, Chevron, Valero, and others. We are particularly well known throughout the energy markets for our ability to provide construction services with professional, experienced and well trained teams to maximize the ability of our customers to complete major projects safely, on time and on budget. Now entering our tenth year in business, we have vertically integrated our service offering into other energy market segments, including wellhead services, oil and gas production, and professional consulting services both domestically and internationally to better serve the needs of our customers.

Precautionary and Forward-Looking Statements - This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," 'expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified TXGE's disclosures or filings with the SEC. You are further cautioned that penny stocks, like BOCL or TXGE, are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment. Disclaimer: This document is for OTCBB stock earnings reports news related information purposes only. No part of this is to be considered a solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred from this. Please verify all information before making any kind of investment decisions. Opinions expressed are those authors only. Companies mentioned have neither approved nor disapproved this document content or being featured here. All information shown was obtained from data available to the general public on the Internet.