Penn Octane Corporation (Penn Octane) is engaged in the purchase, transportation and selling of liquefied petroleum gas (LPG). On August 22, 2006, the Company completed the selling of the Penn Octane’s LPG related assets and a portion of the LPG-related assets of Rio Vista Energy Partners, L.P. (Rio Vista) to TransMontaigne Product Services Inc. (TransMontaigne). In July 2007, Rio Vista completed the acquisition of Regional Enterprises, Inc. (Regional). In November 2007, Rio Vista acquired certain oil and natural gas producing properties and related assets (Oklahoma assets) in the State of Oklahoma formerly owned by GM Oil Properties, Inc., Penny Petroleum Corporation and GO LLC.