Thu, Nov 26 2009
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Oil company stays mum as gas retailers seek supplies “It’s quite a big deal,” he said. “It’s holding credit cards up and everything. We’ve used Crescent Oil for 15 years. We’ve had other stores over the years, and they’ve always been real good people.” A quarterly report filed by Titan Global indicates that the company has lost nearly $8 million over the past year. According to a Jan. 20 quarterly report filed with the SEC by Titan Global, the company is reporting a loss of more than $6.58 million for the quarter that ended Nov. 30, 2008. The company reported a profit of more than $1.32 million for the same period in 2007. In stock trading quoted on Pink Sheets, Titan Global is down from a 52-week high of 84 cents per share to a low of 7 cents per share as of Thursday. Most of the gasoline retailers reported that they had reached temporary or alternative agreements with other fuel suppliers, and that business operations had returned to normal by Thursday. The silence from Crescent has been frustrating for some retailers, like Kay Clayton, who was left scrambling to find a way to resupply the bone-dry tanks at the Asbury Quik Mart. “We’ve been out of gas since Tuesday,” she said. “We don’t have fuel, and we can’t take debit or credit cards either. We’re cash only on inside sales.” Clayton said she was hoping to be resupplied by today. “Hopefully, we’ll be in business (today),” she said. Crescent Oil Crescent Oil has 340 distribution locations in Missouri, Kansas, Oklahoma, Arkansas, Illinois and Louisiana. Crescent also operates 24 retail stores, including Gorilla Express in Pittsburg and the Oak Tree Mart in Neosho, according to its Web site. 
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