Under the amended lease, which has been executed with Kerogen Florida Energy, the company received a payment of $4,293,000 representing the rent for the third year of the lease on about 82,000 net acres in Hendry County.

According to the company, about 54,000 net acres in Lee County have been removed from the lease, and it further plans to discuss leasing these acres with other exploration companies.

Consolidated-Tomoka president and chief executive officer John Albright said the amendment highlights the potential value of the company’s subsurface holdings.

"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," Albright added.