DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Year-end oil and gas reserves of Cub Creek and Elster

05.03.2018 / 17:45
The issuer is solely responsible for the content of this announcement.


Deutsche Rohstoff AG: Year-end oil and gas reserves of Cub Creek and Elster
Increased value for proved reserves/Negative oil price effect as of 31 December 2017

Mannheim/Denver. The present value of the reserves (future cash flow discounted at 10%, so-called PV 10) of Cub Creek Energy (CCE) and Elster Oil & Gas (EOG) amounted to USD 169 million as of 31 December 2017 (previous year: USD 162 million) for proved reserves and USD 28 million (previous year: USD 91 million) for probable reserves. Therefore, proved reserves have increased and probable reserves have been significantly reduced. Proved reserves have increased to 17.5 million barrels of oil equivalent (BOE) (previous year: 12.1 million BOE), while probable reserves fell to 7.1 million BOE (previous year: BOE 11.7 million).

The changes are due to several variables of which some are listed below:

- Part of the reserves have been produced and are therefore not shown in the reserves anymore. 2017 Cashflow after royalites, production taxes and LOE amounted to around 43 million USD.

- The average NYMEX oil prices over the next 10 years, which were used to calculate PV10 values, were around 5,5% lower on 31 December 2017 than on 31 December 2016.

- The stronger than expected decline in production, especially at the Vail and Markham pad, led to a decrease of the reserve value and a more conservative estimate for Cub Creek's reserves.

A detailed overview of the reserves can be found on Deutsche Rohstoff's website shortly.

Mannheim, 5 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:
Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 621 490 817 0
info@rohstoff.de



05.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange

 
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660535  05.03.2018 

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