DGAP-News: Activa Resources AG reports significant increase in oil and natural gas reserves
(firmenpresse) - DGAP-News: Activa Resources AG / Key word(s): Miscellaneous
Activa Resources AG reports significant increase in oil and natural
gas reserves
15.03.2012 / 08:30
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NEWS RELEASE 15th MARCH 2012
Activa Resources AG reports significant increase in oil and natural gas
reserves
- 21% y-o-y increase in Proven Reserves (1P) to 3.72 million BOE
- 54% y-o-y increase in PV10 value to USD 77 million
- 2P reserves of 6.91 million BOE and are valued at USD 172.8 million
- Further reserve growth expected
Bad Homburg, 15th March 2012. Activa Resources AG, an independent oil and
gas company with operational knowhow in the development and efficient
exploitation of oil and natural gas properties, provides details of its
yearly re-valuation of its oil and natural gas reserves. The report,
prepared by Sojen Consulting, LLC, independent third party engineers based
in Austin, Texas, confirms a significant reserve increase as a result of
Activa's drilling and production performance in 2011.
Activa Resources 1P (proven) reserves amount to 3.72 million BOE at 1
January 2012 (vs. 3.08 million BOE one year ago), representing an increase
of 21%. Their value has increased 54% y-o-y to USD 77 million (PV10). The
increase has resulted from a major shift of reserves from probable to
proven as a result of Activa's 2011 drilling successes and is attributable
primarily to a net increase in oil reserves (+28%) vs. natural gas reserves
(+7%).
2P reserves at the end of 2011 amount to 6.91 million BOE (-6%) with a PV10
value USD 172.8 million (-4%), decreasing slightly due to the effect of
lower US natural gas prices.
Activa CEO Leigh A. Hooper adds: 'The new reserve report bodes very well
for Activa. We are pleased that we were able to not only replace 100% of
production but also to increase reserves by 54% with our limited drilling
program in 2011. With further drilling successes in 2012 we expect to
generate further growth and to raise our reserves again.'
The Management Board
Queries: Leigh A. Hooper, CEO, Tel. +49 6172 483 2352
About Activa Resources AG
Activa Resources AG is an independent oil and gas company which focuses on
the acquisition, development and exploitation of oil and natural gas
properties. Activa Resources AG is listed on the Frankfurt stock exchange
and is based in Bad Homburg, Germany. The company's management and
technical team comprise oil industry experts with many years operational
experience at major international oil companies. Further information can be
found at www.activaresources.com.
End of Corporate News
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160670 15.03.2012
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Datum: 15.03.2012 - 08:30 Uhr
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