DGAP-News: Deutsche Rohstoff AG: Additional payment of EUR 1.19 million earned from Tulip Oil Holding
(firmenpresse) - DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Additional payment of EUR 1.19 million earned
from Tulip Oil Holding
30.08.2011 / 13:08
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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(at)rohstoff.de
End of Corporate News
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