Corporate | 30 August 2011 13:08
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Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Additional payment of EUR 1.19 million earned from Tulip Oil Holding Heidelberg. Deutsche Rohstoff AG receives an additional earn-out purchase price payment in the amount of EUR 1.19 million from Tulip Oil. Tulip Oil acquired a 55% of the initial 80% stake of Deutsche Rohstoff AG in Rhein Petroleum GmbH in January 2011. The payment is due because Rhein Petroleum recently obtained approval by the mining authority in Baden-Wuerttemberg for another license north of Karlsruhe ('Graben-Neudorf'), which was defined as a milestone in the Sales and Purchase Agreement. The cash flow is virtually tax-free and adds to net profit for Deutsche Rohstoff AG. The license area, which was awarded to Rhein Petroleum, is located adjacent to Speyer, where a large new oil field has been developed in recent years. Geologists of Rhein Petroleum believe the area around Graben-Neudorf to also be very interesting. Rhein Petroleum intends to conduct seismic surveys in this license area later this year. Deutsche Rohstoff AG expects further payments close to EUR 2 Million due to accomplishment of different milestones near term. Heidelberg, 30 August 2011 Deutsche Rohstoff AG (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company's focus is placed on gold, oil/gas and so called high tech metals such as indium, gallium, rare earth metals, cobalt. All projects are located in countries marked by political stability, the core area being Germany. The business concept is based on redeveloping deposits which have been well explored in the past. A first production started in Georgetown/Australia in January 2011. For more information please visit www.rohstoff.de. Contact: Dr. Thomas Gutschlag +49 6221 871 000 gutschlag@rohstoff.de End of Corporate News 30.08.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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