Windsor Petroleum Transport Corporation Launches Consent Solicitation

NASSAU, Bahamas, June 17, 2011 /PRNewswire/ -- Windsor Petroleum Transport Corporation ("Windsor"), a Delaware corporation, announced today the launch of a consent solicitation to approve the proposed sale of the very large crude carrier vessel m.t Pioneer ("Pioneer") that serves as part of the collateral for Windsor's 7.84% Term Secured Notes due 2021 (CUSIP 973735 AY9/ISIN US973735AY91) (the "Notes"), as specifically provided for under the indenture relating to the Notes (the "Indenture"), and to terminate certain related collateral agreements with the effect of releasing the Pioneer as collateral for the Notes (the "Proposal").

The consent solicitation will expire at 5:00 p.m., New York City time, on June 27, 2011, unless extended.

The Proposal is fully described in the Windsor consent solicitation statement dated June 17, 2011. Holders of the Notes are urged to read and carefully consider the information contained in the consent solicitation statement.

Windsor is soliciting consents because, due to current conditions in the charter market for very large crude carriers, the efforts of the Pioneer's manager to enter into a replacement charter for the Pioneer on the terms required by the Indenture (an "Acceptable Replacement Charter") have failed. In the absence of an Acceptable Replacement Charter, the Pioneer is currently chartered on the spot market.

Jefferies & Company, Inc. is acting as the Solicitation Agent for the consent solicitation. D.F. King & Co., Inc. is acting as the Information and Tabulation Agent.

Questions concerning the terms of this solicitation should be directed to Jefferies & Company, Inc. at (877) 877-0696 (toll free) or (212) 284-2435 (collect). Requests for assistance in completing the letter of consent or requests for additional copies of the consent solicitation statement, the letter of consent or other related documents may be directed to D.F. King & Co., Inc. at (800) 967-4612 (toll free) or (212) 269-5550 (Banks and Brokers).

Advisory: This press release is for informational purposes only and is not being made in any jurisdiction in which the making of this announcement would violate the laws of such jurisdiction, nor is it an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation is being made solely pursuant to a consent solicitation statement dated June 17, 2011 and the related letter of consent.

SOURCE Windsor Petroleum Transport Corporation