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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):<B>
February 17, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CENTRAL ENERGY PARTNERS LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold">Delaware</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold">000-50394</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold">20-0153267</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(State or other Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Incorporation)</P></TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(Commission File Number)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8150 North Central Expressway</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Suite 1525</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dallas, Texas</B></P></TD>
    <TD STYLE="width: 4%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold">75206</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.2pt; text-align: center">Registrant&rsquo;s telephone number,
including area code:<B> (214) 360-7480</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.95pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.95pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.95pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.95pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item&nbsp;1.01</B></TD><TD><B>Entry into a Material Definitive Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">On February 17, 2011, Regional Enterprises,
Inc., a wholly-owned subsidiary of the Registrant (&ldquo;Regional&rdquo;), entered into a Vehicle Lease Service Agreement with
Penske Truck Leasing Co., L. P. (&ldquo;Penske&rdquo;) for the outsourcing of 20 new tractors (the &ldquo;New Tractors&rdquo;)
to be acquired by Penske and leased to Regional, and the outsourcing of the maintenance of the New Tractors to Penske (the &ldquo;Lease
Agreement&rdquo;). Under the terms of the Lease Agreement, Regional made a $90,000 deposit, the proceeds for which were obtained
from the sale of six of Regional&rsquo;s used tractors, and will pay a monthly lease fee per tractor and monthly maintenance charge
(&ldquo;Maintenance Charge&rdquo;) which is based on the actual miles driven by each New Tractor during each month. The Maintenance
Charge covers all preventive maintenance, including tires, to keep the New Tractors in good repair and operating condition. Any
replacement parts and labor for repairs which are not ordinary wear and tear shall be in accordance with Penske fleet pricing,
and such costs are subject to upward adjustment for each rise of at least one percent (1%) for the Consumer Price Index for All
Urban Consumers for the United States published by the United States Department of Labor. Penske is also obligated to provide road-side
service resulting from mechanical or tire failure. Penske will obtain all operating permits and licenses with respect to the use
of the New Tractors by Regional.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">The term of the Lease Agreement
is for 7 years. The New Tractors are to be delivered by Penske on a schedule to be determined by the parties. Under the terms of
the Lease Agreement, Regional (i) may acquire any or all of the New Tractors after the first anniversary date of the Lease Agreement
based on the non-depreciated value of the tractor and (ii) has the option after the first anniversary date of the Lease Agreement
to terminate the lease arrangement with respect to as many as five of the New Tractors leased based on a documented downturn in
business. Regional is obligated to maintain liability insurance coverage on all New Trucks naming Penske as a co-insured and indemnify
Penske for any loss it or its representatives may incur in excess of the insurance coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">The Lease Agreement can be terminated
by Penske upon an &ldquo;event of default&rdquo; by Regional. An event of default includes (i) failure by Regional to pay timely
any lease charges when due or maintain insurance coverage as required by the Lease Agreement, (ii) any representation or warranty
of Regional is incorrect in any material respect, (iii) Regional fails to remedy any non-performance under the agreement within
five (5) days of written notice from Penske, (iv) Regional or any guarantor of its obligations becomes insolvent, makes a bulk
transfer or other transfer of all or substantially all of its assets or makes an assignment for the benefit of creditors or (v)
Regional files for bankruptcy protection or any other proceeding providing for the relief of debtors. Penske may institute legal
action to enforce the Lease Agreement or, with or without terminating the Lease Agreement, take immediate possession of the New
Trucks wherever located or, upon five (5) days written notice to Regional, either require Regional to purchase any or all of the
New Tractors or make the &ldquo;alternative payment&rdquo; described below. In addition, Regional is obligated to pay all lease
charges for all such New Tractors accrued and owing through the date of the notice from Penske as described above. Penske&rsquo;s
ability to require Regional to purchase the New Truck fleet or make the &ldquo;alternative payment&rdquo; would place a substantial
financial burden on Regional.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">The Lease Agreement can also be
terminated by either party upon 120 days written notice to the other party as to any New Truck subject to the agreement on any
annual anniversary of such tractor&rsquo;s in-service date. Upon termination of the Lease Agreement by either party, Regional shall,
at Penske&rsquo;s option, either acquire the New Tractor that is the subject of the notice at the non-depreciated value of such
tractor, or pay Penske the &ldquo;alternative payment.&rdquo; The &ldquo;alternative payment&rdquo; is defined in the Lease Agreement
as the difference, if any, between the fair market value of the New Tractor and such tractor&rsquo;s &ldquo;depreciated Schedule
A value&rdquo; ($738 per month commencing on the in-service date of such tractor). If the Lease Agreement is terminated by Penske
and Regional is not then in default under any term of the Lease Agreement, Regional is not obligated to either acquire the New
Tractor that is the subject of the termination or pay Penske the &ldquo;alternative payment&rdquo; as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">Effective January 18, 2012, Regional
entered into a Vehicle Maintenance Agreement (the &ldquo;Maintenance Agreement&rdquo;) with Penske for the maintenance of its owned
tractor and trailer fleet. The Maintenance Agreement provides for (i) fixed servicing as described in the agreement, which is basically
scheduled maintenance, at the fixed monthly rate for tractors and for trailers and (ii) additional requested services, such as
tire replacement, mechanical repairs, physical damage repairs, tire replacement, towing and roadside service and the provision
of substitute vehicles, at hourly rates and discounts set forth in the agreement. Pricing for the fixed services is subject to
an escalator on the same terms as set forth in the Lease Agreement. The term of the agreement is 36 months. Regional is obligated
to maintain liability insurance coverage on all vehicles covered by the Maintenance Agreement on the same basis as in the Lease
Agreement. Penske has the right to terminate the Maintenance Agreement for any breach by Regional upon 60 days written notice,
including failure to pay timely all fees owing Penske, maintenance of Regional&rsquo;s insurance obligation or any other breach
of the terms of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">It is the intention of Regional
to sell its remaining owned tractor fleet upon delivery of the New Tractors, except for several owned tractor units to be used
for terminal site logistics. Regional expects to use the proceeds from the sale of the owned tractors to make terminal upgrades
to its rail facilities and to cover estimated taxes resulting from gains on the sale of the tractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">In connection with the execution
of the Lease Agreement, RB International Finance (USA) LLC, whom currently has a priority lien on Regional&rsquo;s owned tractors,
consented to Regional&rsquo;s execution of the Lease Agreement and also approved of the intended sale of the owned fleet and the
use of proceeds to be received from the sale of the owned fleet as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">As a result of entering into the
Lease Agreement and the Vehicle Maintenance Agreement, Regional will no longer provide maintenance for either the New Tractors
or its owned tractor and tanker fleet. Regional expects that the annual costs related to the future operation of the transportation
fleet, including savings from fuel efficiencies and reduced maintenance costs, will be reduced from historical amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Exhibit 10.96 &ndash;</TD><TD STYLE="text-align: justify">Form of Vehicle Lease Service Agreement by and between Penske Truck Leasing Co., L. P. and Regional
Enterprises, Inc. dated February 17, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Exhibit 10.97 &ndash;</TD><TD STYLE="text-align: justify">Vehicle Maintenance Agreement by and between Penske Truck Leasing Co., L. P. and Regional Enterprises,
Inc. dated January 18, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold">Central Energy Partners LP</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; text-autospace: none; font-weight: bold">By:</TD>
    <TD STYLE="width: 42%; text-autospace: none; font-weight: bold">Central Energy GP LLC,</TD>
    <TD STYLE="width: 50%; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">its General Partner</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none">/s/ Ian T. Bothwell</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Ian T. Bothwell,</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Executive Vice President,</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Chief Financial Officer and</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Principal Accounting Officer</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">Dated: February 24, 2012</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-autospace: none">Exhibit No.</TD>
    <TD STYLE="width: 2%; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 86%; text-autospace: none; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">10.96</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Form of Vehicle Lease Service Agreement by and between Penske Truck Leasing Co., L P and Regional Enterprises, Inc. dated February 17, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
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    <TD STYLE="text-autospace: none">10.97</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Vehicle Maintenance Agreement by and between Penske Truck Leasing Co., L.P. and Regional Enterprises, Inc. dated January 18, 2012.</TD></TR>
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{"company-data": {"conformed-name": "CENTRAL ENERGY PARTNERS LP", "cik": "0001260828", "assigned-sic": "5172", "irs-number": "200153267", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50394", "film-number": "12637658"}, "business-address": {"street1": "8150 NORTH CENTRAL EXPRESSWAY", "street2": "SUITE 1525", "city": "DALLAS", "state": "TX", "zip": "75206", "phone": "(214) 360-7480"}, "mail-address": {"street1": "8150 NORTH CENTRAL EXPRESSWAY", "street2": "SUITE 1525", "city": "DALLAS", "state": "TX", "zip": "75206"}, "former-company": {"former-conformed-name": "RIO VISTA ENERGY PARTNERS LP", "date-changed": "20030821"}}
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 17, 2012
CENTRAL ENERGY PARTNERS LP
(Exact name of registrant
as specified in its charter)
Delaware
000-50394
20-0153267
(State or other Jurisdiction of
Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
8150 North Central Expressway
Suite 1525
Dallas, Texas
75206
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(214) 360-7480
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
On February 17, 2011, Regional Enterprises,
Inc., a wholly-owned subsidiary of the Registrant ("Regional"), entered into a Vehicle Lease Service Agreement with
Penske Truck Leasing Co., L. P. ("Penske") for the outsourcing of 20 new tractors (the "New Tractors")
to be acquired by Penske and leased to Regional, and the outsourcing of the maintenance of the New Tractors to Penske (the "Lease
Agreement"). Under the terms of the Lease Agreement, Regional made a $90,000 deposit, the proceeds for which were obtained
from the sale of six of Regional's used tractors, and will pay a monthly lease fee per tractor and monthly maintenance charge
("Maintenance Charge") which is based on the actual miles driven by each New Tractor during each month. The Maintenance
Charge covers all preventive maintenance, including tires, to keep the New Tractors in good repair and operating condition. Any
replacement parts and labor for repairs which are not ordinary wear and tear shall be in accordance with Penske fleet pricing,
and such costs are subject to upward adjustment for each rise of at least one percent (1%) for the Consumer Price Index for All
Urban Consumers for the United States published by the United States Department of Labor. Penske is also obligated to provide road-side
service resulting from mechanical or tire failure. Penske will obtain all operating permits and licenses with respect to the use
of the New Tractors by Regional.
The term of the Lease Agreement
is for 7 years. The New Tractors are to be delivered by Penske on a schedule to be determined by the parties. Under the terms of
the Lease Agreement, Regional (i) may acquire any or all of the New Tractors after the first anniversary date of the Lease Agreement
based on the non-depreciated value of the tractor and (ii) has the option after the first anniversary date of the Lease Agreement
to terminate the lease arrangement with respect to as many as five of the New Tractors leased based on a documented downturn in
business. Regional is obligated to maintain liability insurance coverage on all New Trucks naming Penske as a co-insured and indemnify
Penske for any loss it or its representatives may incur in excess of the insurance coverage.
The Lease Agreement can be terminated
by Penske upon an "event of default" by Regional. An event of default includes (i) failure by Regional to pay timely
any lease charges when due or maintain insurance coverage as required by the Lease Agreement, (ii) any representation or warranty
of Regional is incorrect in any material respect, (iii) Regional fails to remedy any non-performance under the agreement within
five (5) days of written notice from Penske, (iv) Regional or any guarantor of its obligations becomes insolvent, makes a bulk
transfer or other transfer of all or substantially all of its assets or makes an assignment for the benefit of creditors or (v)
Regional files for bankruptcy protection or any other proceeding providing for the relief of debtors. Penske may institute legal
action to enforce the Lease Agreement or, with or without terminating the Lease Agreement, take immediate possession of the New
Trucks wherever located or, upon five (5) days written notice to Regional, either require Regional to purchase any or all of the
New Tractors or make the "alternative payment" described below. In addition, Regional is obligated to pay all lease
charges for all such New Tractors accrued and owing through the date of the notice from Penske as described above. Penske's
ability to require Regional to purchase the New Truck fleet or make the "alternative payment" would place a substantial
financial burden on Regional.
The Lease Agreement can also be
terminated by either party upon 120 days written notice to the other party as to any New Truck subject to the agreement on any
annual anniversary of such tractor's in-service date. Upon termination of the Lease Agreement by either party, Regional shall,
at Penske's option, either acquire the New Tractor that is the subject of the notice at the non-depreciated value of such
tractor, or pay Penske the "alternative payment." The "alternative payment" is defined in the Lease Agreement
as the difference, if any, between the fair market value of the New Tractor and such tractor's "depreciated Schedule
A value" ($738 per month commencing on the in-service date of such tractor). If the Lease Agreement is terminated by Penske
and Regional is not then in default under any term of the Lease Agreement, Regional is not obligated to either acquire the New
Tractor that is the subject of the termination or pay Penske the "alternative payment" as described above.
2
Effective January 18, 2012, Regional
entered into a Vehicle Maintenance Agreement (the "Maintenance Agreement") with Penske for the maintenance of its owned
tractor and trailer fleet. The Maintenance Agreement provides for (i) fixed servicing as described in the agreement, which is basically
scheduled maintenance, at the fixed monthly rate for tractors and for trailers and (ii) additional requested services, such as
tire replacement, mechanical repairs, physical damage repairs, tire replacement, towing and roadside service and the provision
of substitute vehicles, at hourly rates and discounts set forth in the agreement. Pricing for the fixed services is subject to
an escalator on the same terms as set forth in the Lease Agreement. The term of the agreement is 36 months. Regional is obligated
to maintain liability insurance coverage on all vehicles covered by the Maintenance Agreement on the same basis as in the Lease
Agreement. Penske has the right to terminate the Maintenance Agreement for any breach by Regional upon 60 days written notice,
including failure to pay timely all fees owing Penske, maintenance of Regional's insurance obligation or any other breach
of the terms of the agreement.
It is the intention of Regional
to sell its remaining owned tractor fleet upon delivery of the New Tractors, except for several owned tractor units to be used
for terminal site logistics. Regional expects to use the proceeds from the sale of the owned tractors to make terminal upgrades
to its rail facilities and to cover estimated taxes resulting from gains on the sale of the tractors.
In connection with the execution
of the Lease Agreement, RB International Finance (USA) LLC, whom currently has a priority lien on Regional's owned tractors,
consented to Regional's execution of the Lease Agreement and also approved of the intended sale of the owned fleet and the
use of proceeds to be received from the sale of the owned fleet as described above.
As a result of entering into the
Lease Agreement and the Vehicle Maintenance Agreement, Regional will no longer provide maintenance for either the New Tractors
or its owned tractor and tanker fleet. Regional expects that the annual costs related to the future operation of the transportation
fleet, including savings from fuel efficiencies and reduced maintenance costs, will be reduced from historical amounts.
Item 9.01.
Financial Statements and Exhibits
Exhibit 10.96 –
Form of Vehicle Lease Service Agreement by and between Penske Truck Leasing Co., L. P. and Regional
Enterprises, Inc. dated February 17, 2012.
Exhibit 10.97 –
Vehicle Maintenance Agreement by and between Penske Truck Leasing Co., L. P. and Regional Enterprises,
Inc. dated January 18, 2012.
3
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Central Energy Partners LP
By:
Central Energy GP LLC,
its General Partner
By:
/s/ Ian T. Bothwell
Ian T. Bothwell,
Executive Vice President,
Chief Financial Officer and
Principal Accounting Officer
Dated: February 24, 2012
4
EXHIBIT INDEX
Exhibit No.
Description
10.96
Form of Vehicle Lease Service Agreement by and between Penske Truck Leasing Co., L P and Regional Enterprises, Inc. dated February 17, 2012
10.97
Vehicle Maintenance Agreement by and between Penske Truck Leasing Co., L.P. and Regional Enterprises, Inc. dated January 18, 2012.
5