Aegean Marine Petroleum Network Inc. Announces $25 Million Share Repurchase Program

PIRAEUS, Greece, Dec. 15 /PRNewswire-FirstCall/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that its Board of Directors has approved a share repurchase program for up to a total of $25 million of the Company's common stock. The Board will review the program after a period of 12 months. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors.

E. Nikolas Tavlarios, President, commented, "The adoption of a share repurchase program demonstrates the Board and management's confidence in Aegean and its strong fundamentals. Our solid financial position bodes well for the Company to further execute its growth strategy and invest in accretive share repurchases while managing the fluctuation in fuel prices. By maintaining our commitment to growth while repurchasing shares of Aegean at attractive prices, we expect to build shareholder value over the near and long term."

The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company's discretion and without notice. Purchases will be subject to restrictions under Aegean's senior secured revolving credit facilities.

About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the Company purchases marine fuel from refineries, major oil producers and other sources. The Company sells and delivers these fuels to a diverse group of ocean-going and coastal ship operators and marine fuel traders, brokers and other users through its service centers in Greece, Gibraltar, Singapore, Jamaica, the United Arab Emirates, Northern Europe, West Africa, the United Kingdom and North America.

Source: Aegean Marine Petroleum Network Inc.