Earnings Release • Apr 3, 2013
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Corporate | 3 April 2013 08:30
Deutsche Rohstoff AG: Tekton Energy sucessfully drills first two horizontal wells
Deutsche Rohstoff AG / Key word(s): Miscellaneous
03.04.2013 / 08:30
Deutsche Rohstoff AG: Tekton Energy successfully drills first two horizontal wells
No technical problems/Both wells drilled within budget
Denver/Heidelberg. Deutsche Rohstoff AG's US-Oil subsidiary Tekton Energy (www.tektonenergy.com) reported today that it successfully drilled its first two horizontal wells near the town of Windsor in Colorado/USA. The Tekton team managed to keep both laterals within the oil-bearing formation over nearly the full length of 4,100 feet (1,250 meters). No major technical problems were reported and on average, drilling times and costs were as expected. It is still planned to complete the two wells during April and start production in early May. After the first month of production, Tekton plans to get a reserve calculation prepared as basis for further financing.
Jerry Sommer, CEO of Tekton Energy, noted: 'I am very proud of our team and how they performed on our first horizontal work. Typically, companies have difficulties on their first horizontal wells but through tremendous planning, communication, talent and good science, our team of Tekton staff, partners and consultants delivered great results on our first two wells.'
The first two wells are part of Tekton's overall plan to develop the full potential of its acreage of currently 2,300 acres. Tekton expects to drill up to 80 gross/60 net horizontal wells on its leases. As of today, over 60 of these wells have been permitted through State and local authorities. Comparable horizontal wells are reported to define reserves of 325,000 to 350,000 Barrels of Oil Equivalent each.
Heidelberg, 3 April 2013
Deutsche Rohstoff AG (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company's focus is placed on oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in countries marked by political stability. The business concept is based on redeveloping deposits which have been well explored in the past. For more information please visit www.rohstoff.de .
Contact:
Thomas Gutschlag
+49 6221 871 000
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| Language: | English |
| Company: | Deutsche Rohstoff AG |
| Friedrich-Ebert-Anlage 24 | |
| 69117 Heidelberg | |
| Germany | |
| Phone: | 06221-87100-11 |
| Fax: | 06221-87100-22 |
| E-mail: | [email protected] |
| Internet: | www.rohstoff.de |
| ISIN: | DE000A0XYG76 |
| WKN: | A0XYG7 |
| Indices: | Entry Standard (Performance TOP 30) |
| Listed: | Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in Open Market (Entry Standard) |
| End of News | DGAP News-Service |
| - - - |
| 205801 03.04.2013 |
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