Petroleum Africa
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Wednesday, March 5, 2008
Syntroleum Corp. has received the final payment in the deal with African Energy Equity Resources Ltd. (AEER) for the sale of the company’s Nigerian assets. Syntroleum was paid the remaining $5.7 million and change, which represented 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) Ltd., entered into in January 2007.
Syntroleum Corp. 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.”
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