DGAP-News: Rendato Corp.: Growth in sales through acquisition of Overriding Royalty Interests

Rendato Corp. / Development of Sales

22.02.2010 12:27 

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RENDATO Corp.

Growth in sales through acquisition of Overriding Royalty Interests

In December 2009 the Rendato Corp. acquired 15% Overriding Royalty
Interests on the Rumsey Oilfield in Kentucky, from the Acony Inc., Denver.
Overriding Royalty Interests are usage rights - for land or natural
resources - which are paid to third parties, independent from the accruing
costs. Acony Inc. held a share of 15% of the total revenues of the Rumsey
Field's oil & gas production. The achieved revenues of the Acony Inc. were
the basis for the settlement of the Overriding Royalties. The acquisition
enables Rendato Corp. a yearly increase in turnover of 15% on the proceeds
of the entire oil-sales revenue, while the operating costs and the
production costs remain unchanged. The Rendato Corp. paid US$ 300,000 for
the acquisition, which took place through a liquidity-neutral transfer of
375,000 preferred shares at a price of US$ 0.80 per unit.


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