DGAP-News: Activa Resources AG reports 16% increase in value of proven oil and natural gas reserves
(firmenpresse) - DGAP-News: Activa Resources AG / Key word(s): Miscellaneous
Activa Resources AG reports 16% increase in value of proven oil and
natural gas reserves
26.03.2013 / 08:30
---------------------------------------------------------------------
NEWS RELEASE 26th MARCH 2013
Activa Resources AG reports 16% increase in value of proven oil and natural
gas reserves
- 16% y-o-y increase in PV10 value of proven reserves (1P) to USD 89.1
million
- 12% y-o-y increase in PV10 value of 2P reserves to USD 193.2 million
- 3.60 million BOE in Proven Reserves (1P)
- 6.69 million BOE in 2P Reserves
Bad Homburg, 26th March 2013. 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, reflects Activa's drilling results, production
performance and the pricing environment.
The value of Activa's proven reserves has increased 16% y-o-y from USD 77.1
million to USD 89.1 million (PV10) at 1 January 2013. This has been
achieved in addition to producing approx. USD 6.3 million from reserves in
2012.
The increase has resulted primarily from a further shift of reserves from
natural gas to oil in accordance with Activa's strategy of recent years. It
also reflects the superior pricing environment of oil relative to natural
gas and an improved oil price outlook (Nymex strip) as well as improving
cost ratios at OSR-Halliday. The higher valuation of Activa's oil reserves
- resulting from the drilling activity at OSR Halliday and Adams Ranch -
more than compensated for the estimates for natural gas reserves which were
negatively affected by price. The value of Activa's 2P reserves increased
12% from USD 172.9 million to USD 193.2 million.
Activa accomplished a net increase in proven oil reserves year over year
(+1.3%) vs. a decline in proven natural gas reserves (-14%). Overall 1P
(proven) reserves amount to 3.60 million BOE at 1 January 2013 (vs. 3.72
million BOE one year ago). The revision to natural gas reserves applies
primarily to the negative effect of lower gas pricing on the related gas
producing assets (Adams, Hidalgo Frio and Loma Field). 2P reserves (proven
and probable) at the end of 2012 amount to 6.69 million BOE (-3%).
The Management Board
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.
Company contact:
Activa Resources AG
Hessenring 107
61348 Bad Homburg
www.activaresources.com
Telefon: +49 (0)6172-483 2352
FAX: +49 (0)6172-483 2353
lah(at)activaresources.com
Investor Relations contact:
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt
www.gfei.de
Telefon: +49 (0)69-7430 3700
FAX: +49 (0)69-7430 3722
activa-resources(at)gfei.de
End of Corporate News
---------------------------------------------------------------------
26.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
205137 26.03.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 26.03.2013 - 08:30 Uhr
Sprache: Deutsch
News-ID 242923
Anzahl Zeichen: 8642
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 289 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Activa Resources AG reports 16% increase in value of proven oil and natural gas reserves"
steht unter der journalistisch-redaktionellen Verantwortung von
Activa Resources AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
