Deutsche Rohstoff AG: Tekton Energy announces further successful drilling and expansion of production
04.06.02012 Denver / Heidelberg - So far all nine wells successful / Six wells in production / Oil price hedged at USD 90.
Tekton Energy, the US oil subsidiary of Deutsche Rohstoff AG (DRAG), today announced that drilling at the Frye Farm drill site has been completed. The three holes were all successful, as the evaluated drill logs show.
Titus Gebel, CEO of DRAG, said: "This result means that Tecton has nine successes in nine holes drilled. This is a fantastic success rate of 100% in a very short period of time. This confirms the geological model of Tekton. In the next step, we will mine horizontal wells to further increase production volumes and added value. "
Tekton has also announced that production of the three-hole Pavistma well will be on 30. May started. The production volume of these new wells will be released after the first month of production. It mainly produces oil and only a small amount of natural gas.
Tekton now has six holes in production. The newly drilled holes at the Frye Farm drill site are scheduled to begin production in early July. All nine holes are part of the Windsor project in the northwestern part of the Wattenberg field in Colorado. 60% of production has been hedged against WTI (Western Texas Intermediate) oil price decline on 90 USD.
In addition to the current vertical drilling program, Tekton is preparing an 3D seismic for July, which will be followed by a horizontal drilling program.
About Deutsche Rohstoff AG
Deutsche Rohstoff AG, listed in the Entry Standard, is building a new raw material producer. The focus is on gold, oil & gas and so-called high-tech metals such as tungsten, tin and rare earths. All projects are located in politically stable countries with a focus on Germany. The business model is based on the (re-) development of deposits that have already been well explored in the past. The first production started in January 2011. More information about Deutsche Rohstoff AG at www.rohstoff.de.
Further information
Dr. Thomas Gutschlag
German commodity AG
Friedrich-Ebert-Anlage 24
D-69117 Heidelberg
Tel .: + 49 6221-87100-0
Fax: + 49 6221-87100-22
E-Mail: info (at) rohstoff.de
Oliver Schulte
German commodity AG
Friedrich-Ebert-Anlage 24
D-69117 Heidelberg
Tel .: + 49 6221-87100-0
Fax: + 49 6221-87100-22
E-Mail: schulte (at) rohstoff.de
