Tomoka: Kerogen Makes Fourth Year Oil Exploration Lease Payment

Daytona Beach, Fla. - Consolidated-Tomoka Land Co. has announced that Kerogen Florida Energy Company LP made the fourth year payment for its eight-year oil exploration lease with the Company while reducing the leased acreage to approximately 42,000 net mineral acres in Hendry County, Florida. The Company received a payment of approximately $2.5 million, representing approximately $1.9 million of rent for the adjusted acreage for the fourth year of the lease and a $600,000 payment related to the drilling requirements contained in the lease. Approximately 40,000 net acres were removed from the lease. The Company plans to discuss leasing these acres with other exploration companies.

John P. Albright, President and Chief Executive Officer of the Company stated, “We’re pleased that Kerogen opted for the fourth year of the lease as we believe it clearly indicates their continued interest in pursuing oil exploration on our subsurface interests in Hendry County.” Mr. Albright further noted, “The continuation of this leasing arrangement for the fourth year was not factored into the guidance we provided earlier this year for fiscal year 2014 so we remain comfortable with our full-year guidance for earnings per share.”


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
Quality Assurance and Training Specialist Job
Expertise: HR - General|HR - Trainer / Instructor|Risk Management
Location: Minneapolis, MN
Well Monitoring Specialist
Expertise: WellSite Supervisor
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours