DEUTSCHE ROHSTOFF AG
DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous Deutsche Rohstoff AG: Strong increase in year-end oil and gas reserves of Salt Creek Oil and Gas Mannheim/Denver. The present value of the NYMEX reserves (future cash flow discounted at 10%, so-called PV 10) of Salt Creek Energy amounts to USD 83.9 million as of 31 December 2017 (October 2016: USD 50.4 million). Reserve value has therefore grown by 66% reflecting the positive development and well performance of Salt Creek Oil & Gas during 2017. Proved reserves have grown by 141% to 75.0 million USD (October 2016: USD 31.1 million), probable reserves stand at 8.9 million USD (October 2016: USD 9.9 million). All reserves have been calculated internally by Salt Creek Oil & Gas. The main reason for the reserves growth is the strong production of almost all wells. The majority of the acquired wells have continued to outperform the acquisition type curve and new wells brought into production by Whiting Petroleum, Hess Oil and other operators have delivered very strong results. Oil prices used for the reserve calculation were slightly higher in near term years. While the October 2016 reserve report assumed a WTI oil price of 51.5 USD for the initial 5 years of production, the December 2017 strip assumed an average price of 54.7 USD for the next 5 years. Over 20 years the average in October 2016 was at 65.14 USD and on December 2017 was at 52,9 USD. A detailed overview of the reserves can be found on Deutsche Rohstoff's website shortly. Mannheim, 19 March 2018 Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de. Contact:
19.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Deutsche Rohstoff AG |
| Q7, 24 | |
| 68161 Mannheim | |
| Germany | |
| Phone: | 0621 490 817 0 |
| Fax: | 0621 490 817 22 |
| E-mail: | gutschlag@rohstoff.de |
| Internet: | www.rohstoff.de |
| ISIN: | DE000A0XYG76, DE000A1R07G4, |
| WKN: | A0XYG7, A1R07G |
| Indices: | Scale |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |
665865 19.03.2018
