DGAP-News: Deutsche Rohstoff AG: Tekton Energy commences first project
(firmenpresse) - DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Tekton Energy commences first project
12.10.2011 / 10:01
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Deutsche Rohstoff AG: Tekton Energy commences first project
Extensive undeveloped acreage position inside giant US oil and gas field
Denver/Heidelberg. Deutsche Rohstoff AG's majority owned, USA affiliate,
Tekton Energy LLC has secured a block of approximately 2.000 acres
undeveloped land within the boundaries of one of the largest oil and gas
field in the United States. Tekton plans to start developing this acreage
right away. A drilling campaign will be prepared during forthcoming months,
including permitting. The first wells could be drilled as early as first
quarter 2012. Due to the fact that Tekton's acreage is located adjacent to
several producing wells, the chance of sucessful drilling is very high. It
is expected that wells from Tekton's acreage will mainly produce oil.
The Wattenberg Field, north of the Denver Metropolitan area was discovered
in the early 1970's and has experienced several waves of development and
expansion and now numbers over 20.000 wells. Recent technical advances have
pushed the robust economic edge of the field to include Tekton's acreage
position. Colorado oil and gas commission reports that in 2010 the field
produced 17 million barrels of oil and 197 bcf of natural gas. In recent
years the industry drilled between 1.500 and 2.000 new wells per year.
The property has noteworthy potential for over 100 vertical development
wells from Cretaceous age formations, which are the primary producing
zones in Wattenberg. In addition, numerous horizontal wells in the rapidly
developing, Niobrara shale oil trend and a very large number of second and
third fracture stimulations are possible. Multiple fracture stimulations
have been pioneered in Wattenberg with solid economic results. Tekton is
aiming at drilling approximately 10 wells over the next 12 months in order
to prove the economics of the field. Drilling costs are significantly lower
in the US than in Germany due to huge number of wells drilled and fierce
competition between drilling companies.
In the US, there is no state-regulated licence system for exploration and
production of oil and gas. Instead, the landowner sells a mineral lease to
interested parties. Tekton Energy has to pay an initial leasing bonus for
the lease. Additional amounts will presumably be due in the next 3 to 4
months for the second half of the acreage. This second part of the deal has
not been closed yet.
Tekton's Chief Executive Officer, Mr. Jerry Sommer, commented, 'The
Wattenberg acquisition epitomizes Tekton's focus on creating value
advantage through deep technical understanding, successful application of
new technologies and applying those to opportunities where benefits can be
multiplied over a large number of wells. We're thrilled to partner with
important land, mineral and community leaders to responsibly develop this
substantial asset.'
Deutsche Rohstoff's Chief Executive Officer, Dr. Titus Gebel concluded,
'We're encouraged that Tekton was able to identify, evaluate and secure
this excellent project. It offers a very good potential to start building a
multi-hundred million Dollar company, which is our common medium term
goal.'
Heidelberg, 12 October 2011
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. A first production started in
Georgetown/Australia in January 2011. For more information please visit
www.rohstoff.de.
Contact:
Thomas Gutschlag
gutschlag(at)rohstoff.de
+49 6221 871 000
End of Corporate News
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142029 12.10.2011
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Datum: 12.10.2011 - 10:01 Uhr
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