Consolidated Tomoka Announces Amendment to Oil Exploration Lease
DAYTONA BEACH, Fla. -- September 24, 2013
Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today announced
the amendment of its eight-year oil exploration lease on approximately 136,000
net mineral acres in Hendry and Lee Counties, Florida, that was originally
executed in 2011. Under the amended lease, executed with Kerogen Florida
Energy Company LP, the Company received a payment of $4,293,000 representing
the rent for the third year of the lease on approximately 82,000 net acres in
Hendry County, Florida, and payments related to the drilling requirements
contained in the lease.
The approximately 54,000 net acres in Lee County, Florida, were removed from
the lease. The Company plans to discuss leasing these acres with other
John P. Albright, President and Chief Executive Officer of the Company stated,
“We’re pleased to have Kerogen Florida Energy Company in this relationship and
look forward to their continued efforts in pursuing oil exploration on our
subsurface interests in Hendry County. We believe this amendment highlights
the potential value of the Company’s subsurface holdings.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate
company, which owns a portfolio of income investments in diversified markets
in the United States, as well as over 10,000 acres of land in the Daytona
Beach area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of
historical fact) are forward-looking statements. The words “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,”
“should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar
expressions and variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were made.
Forward-looking statements are made based upon management’s expectations and
beliefs concerning future developments and their potential effect upon the
Company. There can be no assurance that future developments will be in
accordance with management’s expectations or that the effect of future
developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
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