DGAP-News: Activa Resources AG reports on the financial year 2009
(firmenpresse) - Activa Resources AG / Final Results
30.06.2010 21:00
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Activa Resources AG reports on the financial year 2009
- 55 % increase in 2P oil and natural gas reserves to 6.4 million BOE
- 19 % increase in total production to 117,309 BOE
- Production revenues decline 32 % to EUR 3.21 million, operating profit
EUR 0.51 million
- Significant balance sheet adjustments made
Bad Homburg, 30th April 2010. Activa Resources AG publishes today details
of its 2009 group accounts and its annual report. The 2009 parent company
and group IFRS financial statements have been approved by the Supervisory
Board.
In 2009 Activa was able to significantly increase its oil and natural gas
reserves which provide the basis for the company's future growth. Total 2P
(proven and probable) reserves of oil and natural gas as at Jan 1, 2010
increased 55 % y-o-y to 6.43 million BOE. This comprises 1P reserves of
2.56 milllion BOE and probable reserves of 3.87 million BOE. The oil-to-gas
ratio is 80:20. The increase is primarily attributable to the recently
completed field study conducted on Activa's main oil producing asset, the
OSR Halliday field in East Texas, details of which have already been
announced.
The company's production of oil and natural gas in 2009 increased 19 % to
117,309 BOE as a result of the successful 2008 drilling programme. This
figure is made up of 62 % natural gas and 38 % oil. 2009 production
revenues fell by 32 % to EUR 3.21 million vs. EUR 4.73 million in 2008.
This is in-line with the guidance provided in the 2009 interim report and
is solely a result of weaker oil and natural gas prices.
Profits before interest, tax and non-cash costs (EBITDA) were positive at
EUR 0.51 million in 2009. As a result of expenses for impairments, project
abandonment and dry hole costs amounting to EUR 3.80 million a net group
loss of EUR 4.86 million was recorded. This figure results primarily from a
75 % write-down on Aciva's investment in the Fayetteville Shale play in
Arkansas. Significant and necessary adjustments to the balance sheet have
therefore been made.
Further details on the financial year 2009 and management's plans for the
future can be found in the new 2009 Annual Report which will be available
in English shortly.
The Management Board
Enquiries: 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.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected drilling and development wells and associated costs, statements
relating to estimates of, and increases in, production, cash flows and
values and other statements which are not historical facts. When used in
this document, the words such as 'could,' 'plan,' 'estimate', 'expect',
'intend', 'may', 'potential', 'should' and similar expressions are
forward-looking statements. Although Activa believes that its expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be given
that actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to differ
from these forward-looking statements include the potential that the
Company's projects will experience technological and mechanical problems,
that geological conditions in the reservoir may not result in commercial
levels of oil and gas production, that changes in product prices can have a
material impact and that Activa fails to raise sufficient capital to
adequately fund its activities.
30.06.2010 21:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 30.06.2010 - 21:00 Uhr
Sprache: Deutsch
News-ID 23279
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