German commodity: Tekton closes sale successfully


Net inflow of USD 220 Mio. / Option on a further USD 60 My.

Heidelberg / Denver. Tekton has concluding the examination stage by the buyer, bisherigen the cooperation partners Oil Extraction & Gas from Denver, announced. The sale of the Windsor project is completed. Tekton receives in addition to the already paid in advance of April 18 My. US-Dollar (USD) further USD 202 My. It therefore results in a net inflow of USD 220 My. The entire amount has already been received.

The order 20 My. higher net inflows as the purchase price of USD 200 My. results from the agreement, that the purchase retroactive to 1. January 2014 applies. The buyer has Tekton all editions, from the 1. January accrued, reimbursed and receive all proceeds from this time in return. The difference amounts to USD 20 My. favor tecton. The aggregate cash Tekton Energy thus amount to USD 225 My. The Company has no significant liabilities to parties other than the German commodity.

Titus Gebel, CEO of the German commodity AG, commented: "We are very pleased, that the contract could be implemented as completed. This transaction is a major achievement in our young company history. The revenue and the experience gained in the U.S. oil business give us the opportunity, dynamic continues to grow on its own. In particular, the team in the U.S. can now fully concentrate on the development of new projects. "

The shareholders of Tekton have decided, the loan to the German commodity AG including interest amounting to approximately USD 39 My. due immediately and the remaining funds up to USD 1,5 My. distribute. The German commodity USA, the 100% subsidiary of the German commodity AG USD 30 My. Has invested equity in Tekton, receives a distribution in the amount of approximately USD 129 My.

Tekton retains its share of 560 Acres (2,3 km2) at the surface in the so-called Magpie area south of Windsor. The area is considered by management to be highly prospective. Extraction has a right of first refusal for, which before the intended drilling program, by March 2015 must be exercised. Should Extraction make use of, Tekton receives an additional $ 60 My. The German raw material intended, their activities in the U.S. oil- & Expanding gas business. In the coming weeks this will further details will be published.

Heidelberg, 30. More 2014

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