Texas Petrochemicals Announces Board Changes

HOUSTON, May 18 /PRNewswire-FirstCall/ -- Texas Petrochemicals, Inc. (the "Company") (OTC: [ TXPI ] - [ News ]) announced today that the Board of Directors has appointed C. Kent Potter as Chairman of the Board of Directors and Jeffrey Strong as a director, following the resignations of Mark Demetree, Chairman, and Kevin Flannery, director.

"I have been honored to serve the shareholders of the Company for the last five years," said Mr. Demetree. "I have also enjoyed the opportunity to assist in the development and growth of the Company and in helping to build a management team that understands the importance of operational, financial and commercial excellence. I look forward to the future success of the Company under the leadership of the Board and the management team."

Charlie Shaver, the Company's President and CEO, said, "On behalf of the Board of Directors and everyone at Texas Petrochemicals, I'd like to thank Mark and Kevin for their years of service and commitment to the Company while on our Board of Directors. With Mark as the Chairman of the Board, the Company was guided past its restructuring into a leadership position in all its major product lines. We wish both Mark and Kevin all the best in their future endeavors. At the same time, I look forward to Kent and Jeffrey's service on the Board to provide additional industry experience and shareholder input on the future direction of the Company."

C. Kent Potter has held a series of senior executive roles over a 37 year career in the oil and petrochemical industry. He worked for Chevron from 1974 until 2000 where he had a series of global roles within the finance and operations functions. In 2000, he became the founding Chief Financial Officer for ChevronPhillips Chemical Company (CPChem) and a member of the Board of Directors where he led all financial and information technology functions. In 2003, Kent was named the Chief Financial Officer for TNK-BP, responsible for the integration of the financial activities of the merged companies that formed the TNK-BP group and served in that role until 2005. Kent is currently a member of the LyondellBasell Industries Supervisory Board and is Chairman of the board's Audit Committee. In addition he serves as a Senior Advisor to the President of Sibur Holdings. Kent has a BS in Engineering and an MBA (Finance and Accounting) from the University of California, Berkeley.

Jeffrey Strong has been a senior investment professional at QVT Financial LP since 2005, focusing primarily on global special situations. From 2001 until 2005 he was an analyst at Shenkman Capital Management, focusing on high yield bond investments across the chemical, telecom and healthcare industries. Jeffrey has an MBA from the College of William & Mary, a BS from the University of Missouri and is a CFA charterholder.

Headquartered in Houston, Texas, Texas Petrochemicals Inc. sells products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuel additives, plastics and detergents. The Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company's web site at [ http://www.txpetrochem.com ].

Cautionary Information Regarding Forward-Looking Statements

Certain oral and written information that the Company may make publicly available from time to time may constitute forward-looking statements. Such statements may relate to future operating results, existing and expected competition, financing and refinancing sources and availability, and plans related to strategic alternatives or future expansion activities and capital expenditures. Forward-looking statements involve a number of risks and uncertainties that may significantly affect the Company's liquidity and results in the future and, accordingly, actual results may differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt service, financing and refinancing efforts, litigation and governmental investigations, environmental laws and regulations, general economic conditions and changes in laws or regulations.

 Investor Relations Contact: Robert Whitlow Email: [ robert.whitlow@txpetrochem.com ] Phone: 713-627-7474 Contact: Ruth Dreessen Email: [ ruth.dreessen@txpetrochem.com ] Phone: 713-627-7474 Media Relations Contact: Sara Cronin Email: [ sara.cronin@txpetrochem.com ] Phone: 713-627-7474

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Texas Petrochemicals Announces Board Changes