BP Granted Contract Extension

Source: www.gulfoilandgas.com 6/24/2022, Location: North America

ReGen III Corp. is pleased to provide the following updates regarding its Sale, Purchase and Marketing Agreement with bp.

On May 1, 2021, bp signed a Sale, Purchase and Marketing offtake agreement with ReGen III for the purchase of one hundred percent (100%) of the Company's base oils produced at its proposed 5,600 bpd used motor oil recycling facility in Texas. Section 13.3(b) of this contract required ReGen III to close project financing by December 31, 2021 (the "Financial Closing Date"). In December 2021, bp agreed to extend the Financial Closing Date from December 31, 2021, to June 30, 2022.

bp is aware of the considerable progress being made by ReGen III on both the financing and engineering fronts for the Company's proposed Texas recycling facility. Due to the status of the negotiations with multiple potential funding partners, the ongoing due diligence processes and the timeline for completion of FEL-3, bp has agreed to:

Extend the Financial Closing Date by nine (9) months from June 30, 2022, to March 31, 2023.


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