Syntroleum Announces Final Payment for Sale of Nigerian Assets
Posted on March 4, 2008 – 4:52 pm | by oilandgaspress.com
TULSA, Okla.–(BUSINESS WIRE)–Syntroleum Corporation (NASDAQ: SYNM) today announced that on March 3, 2008, Syntroleum Corporation received a payment of $5,765,894 from African Energy Equity Resources Limited (“AEER”) representing full and final payment of their debt obligation which arose from the Share Sale and Purchase Agreement between Syntroleum International, Syntroleum, AEER, and Energy Equity Resources (Norway) Limited (“EERNL”) dated January 19, 2007 for the sale of Syntroleum International’s Nigerian business.
Syntroleum Corporation has agreed to immediately withdraw all winding up proceedings against AEER and EERNL.
Gary Roth, President and CEO of Syntroleum Corporation, said, “We are pleased to have secured this $5.7 million final payment and to close this chapter as we move forward with the successful execution of our Dynamic Fuels venture with Tyson Foods.”
About Syntroleum
Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining® Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining™ technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel. Together with Tyson Foods, Syntroleum is focused on siting, engineering and constructing a plant that produces clean renewable synthetic diesel and jet fuel using low grade fats and greases as feedstock. The 50/50 venture – known as Dynamic Fuels – was formed to construct and operate multiple renewable synthetic fuel facilities, with production on the first site beginning in 2010. The Company plans to use its portfolio of technologies to develop and participate in synthetic and renewable fuel projects. For additional information, visit the company’s Web site at www.syntroleum.com.
This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward-looking statements may include statements relating to the Syntroleum® Process, the Synfining® Process, our renewable fuels Biofining™ technology, plans to use the Company’s various technologies, commercialization of the Company’s technologies, and future investor relations activities of the Company. When used in this document, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should” and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward-looking statements. Syntroleum undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Important factors that could cause actual results to differ from these forward-looking statements include the potential that debt or equity financing for anticipated plants or related natural gas liquids or oil and gas projects may not be available, the schedule for development, construction and operation of proposed plants may to be met, anticipated appropriation and expenditure of federal monies does not occur, commercial-scale plants do not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants experience technological and mechanical problems, the potential that improvements to Syntroleum’s various technologies currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, our dependence on strategic relationships with manufacturing and engineering companies, volatility of energy prices, the ability to implement corporate strategies, including the continued availability of adequate working capital, competition, intellectual property risks, our ability to obtain financing and other risks described in the Company’s filings with the Securities and Exchange Commission.
® “Syntroleum” is registered as a trademark and service mark in the U.S. Patent and Trademark Office.
Contacts
Syntroleum Corporation, Tulsa
Ron Stinebaugh, 918-764-3406
www.syntroleum.com
or
Halliburton Investor Relations, Dallas
Geralyn DeBusk/Jeff Elliott/Casey Stegman, 972-458-8000
www.halliburtonir.com
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Tags: ASSETS, Nigerian, Sale, Syntroleum
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