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Syntroleum to Sale Nigerian Exploration and Production Holdings

Source: www.gulfoilandgas.com 12/18/2006, Location: Africa

Syntroleum Corporation announced that its subsidiary, Syntroleum International Corporation, has signed a letter agreement with Energy Equity Resources Limited ("EER") for the sale of Syntroleum's exploration and production holdings. Syntroleum could realize up to $25 million from this sale, subject to certain conditions.

The transaction will be effected through the sale of 100 percent of the stock of Syntroleum International Holdings, Ltd. and Syntroleum International Holdings Company. Through a subsidiary, Syntroleum International Holdings, Ltd. and Syntroleum International Holdings Company own Syntroleum's 25 percent cost bearing interest in Oil Mining Lease ("OML") 113, which includes the Aje field, and its 20 percent interest in the Ajapa field in OML 90. Both fields are located off the coast of Nigeria.

EER has paid Syntroleum a non-refundable $2 million deposit, and will also pay an additional $10 million to Syntroleum by April 1, 2007, or at the time EER completes its raising of additional capital pursuant to any form of private placement or public offering, whichever occurs first. Payments of an additional $13 million could be earned from future farm-outs of the Aje field and initial production from the Aje and Ajapa fields. Closing of this transaction will occur on or before January 31, 2007.

Previously, EER and Syntroleum's subsidiary, Syntroleum Nigeria, entered into agreements whereby EER obtained a 7.5 percent interest in OML 113, and a 20 percent interest in the Ajapa field.

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