Activa Resources AG
Activa Resources AG reports 16% increase in value of proven oil and natural gas reserves
Activa Resources AG / Key word(s): Miscellaneous
NEWS RELEASE 26th MARCH 2013 Activa Resources AG reports 16% increase in value of proven oil and natural gas reserves – 16% y-o-y increase in PV10 value of proven reserves (1P) to USD 89.1 million – 12% y-o-y increase in PV10 value of 2P reserves to USD 193.2 million – 3.60 million BOE in Proven Reserves (1P) – 6.69 million BOE in 2P Reserves Bad Homburg, 26th March 2013. Activa Resources AG, an independent oil and gas company with operational knowhow in the development and efficient exploitation of oil and natural gas properties, provides details of its yearly re-valuation of its oil and natural gas reserves. The report, prepared by Sojen Consulting, LLC, independent third party engineers based in Austin, Texas, reflects Activa's drilling results, production performance and the pricing environment. The value of Activa's proven reserves has increased 16% y-o-y from USD 77.1 million to USD 89.1 million (PV10) at 1 January 2013. This has been achieved in addition to producing approx. USD 6.3 million from reserves in 2012. The increase has resulted primarily from a further shift of reserves from natural gas to oil in accordance with Activa's strategy of recent years. It also reflects the superior pricing environment of oil relative to natural gas and an improved oil price outlook (Nymex strip) as well as improving cost ratios at OSR-Halliday. The higher valuation of Activa's oil reserves – resulting from the drilling activity at OSR Halliday and Adams Ranch – more than compensated for the estimates for natural gas reserves which were negatively affected by price. The value of Activa's 2P reserves increased 12% from USD 172.9 million to USD 193.2 million. Activa accomplished a net increase in proven oil reserves year over year (+1.3%) vs. a decline in proven natural gas reserves (-14%). Overall 1P (proven) reserves amount to 3.60 million BOE at 1 January 2013 (vs. 3.72 million BOE one year ago). The revision to natural gas reserves applies primarily to the negative effect of lower gas pricing on the related gas producing assets (Adams, Hidalgo Frio and Loma Field). 2P reserves (proven and probable) at the end of 2012 amount to 6.69 million BOE (-3%). The Management Board
About Activa Resources AG Activa Resources AG is an independent oil and gas company which focuses on the acquisition, development and exploitation of oil and natural gas properties. Activa Resources AG is listed on the Frankfurt stock exchange and is based in Bad Homburg, Germany. The company's management and technical team comprise oil industry experts with many years operational experience at major international oil companies. Further information can be found at www.activaresources.com. Forward-looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although Activa believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that Activa fails to raise sufficient capital to adequately fund its activities. Company contact: Activa Resources AG Hessenring 107 61348 Bad Homburg www.activaresources.com Telefon: +49 (0)6172-483 2352 FAX: +49 (0)6172-483 2353 lah@activaresources.com Investor Relations contact: GFEI Aktiengesellschaft Am Hauptbahnhof 6 60329 Frankfurt www.gfei.de Telefon: +49 (0)69-7430 3700 FAX: +49 (0)69-7430 3722 activa-resources@gfei.de End of Corporate News 26.03.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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