DGAP-News: Deutsche Rohstoff AG: Tekton Energy announces the drilling of three sucessful oil wells
(firmenpresse) - DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Tekton Energy announces the drilling of three
sucessful oil wells
23.02.2012 / 08:45
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Deutsche Rohstoff AG: Tekton Energy announces the drilling of three
successful oil wells
Start of production in April/Additional drilling already underway
Denver/Heidelberg. Deutsche Rohstoff AG (DRAG) has achieved a drilling
success through its subsidiary company Tekton Energy in the U.S. State of
Colorado. As part of the first drilling campaign, which the company had
started in the Windsor/Wattenberg project north of Denver in early
February, three vertical wells were drilled in different directions from
the same well site ('Rancho pad'). All three wells were successful. The
drilling rig is now moving to Tekton's second well pad to begin three
additional wells today ('Pavistma pad').
Jerry Sommer, CEO of Tekton Energy, said: 'This is a great success and a
validation of our geological model. We will accelerate our drilling program
at full speed. We can expect good results for the other wells due to the
very well known geology of the Wattenberg field.'
Production from the first three wells will start in April. By mid-year,
seven additional holes shall be drilled from different drill sites and
brought to production. Vertical wells in the Wattenberg field usually
produce around 50 barrel of oil equivalent as initial daily production.
The geological results of the drilling suggest that the strata encountered
are also suitable for horizontal drilling. One of the largest producers in
the Wattenberg field, Anardarko Petroleum, reported in November that an
extensive horizontal drilling program was carried out in the last year
which brought superior economic results. The initial daily production was
far higher than for the vertical wells. The best published well produced
approximately 1.200 barrels initially. Over the next few months Deutsche
Rohstoff AG and Tekton Energy will therefore develop a concept on how this
additional
potential may be used to increase the value of their land.
Heidelberg, 23 February 2012
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 gold, 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 core area being
Germany. The business concept is based on redeveloping deposits which have
been well explored in the past. For more information please visit
www.rohstoff.de.
Kontakt:
Thomas Gutschlag
gutschlag(at)rohstoff.de
+49 6221 871 000
End of Corporate News
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157765 23.02.2012
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Datum: 23.02.2012 - 08:45 Uhr
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