Deutsche Rohstoff AG
Deutsche Rohstoff AG: Elster Oil & Gas prepares for the drilling of 9 Horizontal Wells in February, 2015
Deutsche Rohstoff AG / Key word(s): Miscellaneous 22.12.2014 09:38 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Deutsche Rohstoff: Elster Oil & Gas prepares for the drilling of 9 horizontal wells in February 2015 Heidelberg/Denver. Deutsche Rohstoff and the management of its US subsidiary Elster Oil and Gas (EOG) are preparing for the drilling of 9 non-operated horizontal wells in the Magpie Project Area, Wattenberg Field, DJ Basin of Colorado beginning mid February, of 2015. Net drilling capital expenditures by EOG will total approximately USD 19 million based on average net WI of 44% in five 1.5 mile laterals and four 1.0 mile laterals. Currently, the wells are anticipated to begin production in July, 2015 with forecasted total gross reserve recovery of 4.5 million barrels of oil equivalent. These 9 horizontal wells are the first of 49 horizontals currently planned for development of the Magpie area. Bob Gardner, CEO of EOG and Cub Creek Energy commented: "Elster's Magpie Project Area is a low risk development opportunity in the Wattenberg Field that offers the opportunity to yield positive financial results in the current oil commodity pricing environment. These 9 horizontal wells demonstrate the company strategy of developing economically robust projects at lower oil prices." Heidelberg, 22 December 2014 Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company's focus is placed on oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in political stable countries with high environmental standards. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de. Contact: Deutsche Rohstoff AG Thomas Gutschlag Tel. +49 6221 871 000 info@rohstoff.de 22.12.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Deutsche Rohstoff AG Friedrich-Ebert-Anlage 24 69117 Heidelberg Germany Phone: 06221-87100-11 Fax: 06221-87100-22 E-mail: gutschlag@rohstoff.de Internet: www.rohstoff.de ISIN: DE000A0XYG76, DE000A1R07G4, WKN: A0XYG7, A1R07G Indices: Entry Standard (Performance TOP 30) Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in Open Market (Entry Standard) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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