Deutsche Rohstoff AG

Earnings Release • May 30, 2014

News Details

Corporate | 30 May 2014 09:37

Correction of a release from 30.05.2014, 07:46 CET – Deutsche Rohstoff AG: Sucessful closing of Tekton asset sale

Deutsche Rohstoff AG / Key word(s): Disposal

30.05.2014 09:37

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Deutsche Rohstoff: Successful closing of Tekton asset sale
Net cash inflow of USD 220 million/Option for additional USD 60 million

Heidelberg/Denver. Tekton Energy announced the termination of the due
diligence period by the buyer and previous cooperation partner Extraction
Oil & Gas, Denver. The sale of the Windsor project has been closed and in
addition to the previously received down payment of USD 18 million in
April, Tekton will receive another USD 202 million. The combined payments
result in a net cash inflow of USD 220 million. The total amount has
already been paid into Tektons bank account.

The cash inflow, exceeding the agreed purchase price by USD 20 million, is
a result of the agreement that the purchase will apply with an effective
date of 1 January 2014. The buyer has refunded all expenditures incurred
from 1 January, and in return received all the proceeds from that date. The
difference between incurred cost and revenue accounted for USD 20 million.
Tektons current total cash on hand has increased to USD 225 million. The
company has no material liabilities to other parties than Deutsche
Rohstoff.

Titus Gebel, CEO of Deutsche Rohstoff AG commented: 'We are very happy that
the sale was completed as agreed in the contract. The transaction is a
great success in our companies short history. The proceeds and the gained
experience in the US Oil & Gas business give us the opportunity to grow
dynamically by using our own resources. Our team in th US can now fully
focus on the development of new projects.'

The shareholders of Tekton Energy have decided to repay the loan and
accrued interest amounting to USD 39 million to Deutsche Rohstoff and to
distribute the remaining proceeds to the shareholders of Tekton Energy,
only USD 1.5 million will remain in the company. Deutsche Rohstoff USA, the
100% subsidiary of Deutsche Rohstoff AG, which had invested USD 30 million
of equity in Tekton will receive a payout of approximately USD 129 million.

Tekton will remain the owner of the so called 'Magpie' acreage covering
total area of 560 acres which the management considers to be very economic.
Extraction holds a purchase option for the acreage which will have to be
exercised before the beginning of a drilling program by the latest in March
2015. In case Extraction exercises the option Tekton will receive another
USD 60 million. Deutsche Rohstoff plans to further increase its activities
in the US Oil & Gas business. In the upcoming weeks further details will be
published.

Heidelberg, 30 Mai 2014

Deutsche Rohstoff (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 oil & gas and so called high
tech metals such as tin, tungsten, and rare earth metals. All projects are
located in political stable countries with high environmental standards.
The business concept is based on redeveloping deposits, which have been
well explored in the past. For more information please visit
www.rohstoff.de.

Contact:

Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 6221 871 000
info@rohstoff.de

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Language: English
Company: Deutsche Rohstoff AG
Friedrich-Ebert-Anlage 24
69117 Heidelberg
Germany
Phone: 06221-87100-11
Fax: 06221-87100-22
E-mail: gutschlag@rohstoff.de
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)

End of Announcement DGAP News-Service

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