25.01.2017
Deutsche Rohstoff AG DE000A0XYG76
DGAP-News: Deutsche Rohstoff AG: Cub Creek plans to drill another 31 wells in 2017
DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Cub Creek plans to drill another 31 wells in 2017
25.01.2017 / 08:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Deutsche Rohstoff: Cub Creek plans to drill another 31 wells in 2017
Investment budget of approximately USD 60 million/Start of drilling mid-
March
Mannheim/Denver. Cub Creek Energy (CCE) plans to drill an additional 31
one-mile lateral wells in 2017. The board of the company approved the
respective
budget. An initial 9 well drilling pad in the DJ Basin will spud by mid-
March and will be completed during the 2nd quarter. Another 22 well pads
will commence drilling in May and be completed during the 4th quarter.
Net investment of CCE is planned to amount to approximately USD 60 million.
The drilling capital will be financed out of existing cash flow,
potentially a reserved based lending facility and further funds from
Deutsche Rohstoff.
The company had completed 21 wells in the 4th quarter of 2016. Initial 9
wells were placed into production in mid-November and have significantly
exceeded expectations so far. The company reported an average production of
4.501 BOEPD (barrel of oil equivalent) for December on December 29th.
Initial production of further 12 wells that were brought online in late
December will be reported in February.
Mannheim, 25 January 2017
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 6221 871 000
[email protected]
---------------------------------------------------------------------------
25.01.2017 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Deutsche Rohstoff AG
N1, 1 (Stadthaus), 3. Etage
68161 Mannheim
Germany
Phone: 06221-87100-11
Fax: 06221-87100-22
E-mail: [email protected]
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Stuttgart, Tradegate Exchange; Open Market (Entry
Standard) in Frankfurt
End of News DGAP News Service
---------------------------------------------------------------------------
538765 25.01.2017
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Deutsche Rohstoff AG ISIN: DE000A0XYG76 können Sie bei EQS abrufen
Rohstoffe , A0XYG7 , DR0 , XETR:DR0