Ad-hoc | 16 February 2017 19:21
Deutsche Rohstoff AG / Key word(s): Miscellaneous
16-Feb-2017 / 19:21 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by
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The issuer is solely responsible for the content of this announcement.
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Deutsche Rohstoff: Cub Creek and Elster increase value of oil and gas
reserves by 120%
PV 10 of USD 162 million for proved reserves/USD 94 million for probable
reserves
Mannheim/Denver. Cub Creek Energy (CCE) and Elster Oil & Gas (EOG) today
announced that they more than doubled the value of the companies' combined
proved and probable oil & gas reserves from the last update of May, 2016.
The reserves reflect a proved future net income discounted at 10% (PV10) of
USD 162 million combined for both CCE and EOG. Additionally, a respective
probable PV10 of USD 94.1 million was also realized for both companies
combined. Reserve values are based on 12/31/2016 NYMEX Strip Pricing and
were calculated by Ryder Scott (www.ryderscott.com), one of the most
respected reservoir evaluation companies in the US Oil and Gas industry.
The strong increase especially in the value of total proven reserves mainly
resulted from an increase in oil and natural gas prices, a 20% increase in
total proven reserves and higher concentration of working interest realized
by Cub Creek in numerous wells. Furthermore, Cub Creek added additional
drilling locations in August, 2016.
A detailed overview of the reserves can be found on Deutsche Rohstoff's
website shortly.
Thomas Gutschlag, CEO of Deutsche Rohstoff, commented: "The team of Cub
Creek and Elster have successfully built a high reserve value in less than
three years. We are positioned to systematically develop these reserves in
the coming months. Based on this success we want to expand and further
grow our US Oil & Gas business."
1 Natural gas is converted to oil equivalent using a factor of 5,600 cubic
feet of natural gas per one barrel of oil equivalent.
Mannheim, 16 February 2017
Deutsche Rohstoff identifies, develops and divests attractive resource
projects in North America, Australia and Europe. The focus is on the
development of oil and gas opportunities within the United States. Metals,
such as gold, copper, rare earth elements, tungsten and tin complete our
portfolio. For more information please visit www.rohstoff.de.
Contact:
Deutsche Rohstoff AG
Thomas Gutschlag, CEO
Tel. +49 621 490 817 0
info@rohstoff.de
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Language: English
Company: Deutsche Rohstoff AG
Q7, 24
68161 Mannheim
Germany
Phone: 0621 490 817 0
Fax: 0621 490 817 22
E-mail: gutschlag@rohstoff.de
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange; Open Market (Entry
Standard) in Frankfurt
End of Announcement DGAP News Service