DGAP-News Deutsche Rohstoff AG: Tekton Energy launches first drilling program
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DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Tekton Energy launches first drilling program
01.02.2012 / 08:30
Deutsche Rohstoff AG: Tekton Energy launches first drilling program
Initial drilling in Windsor/Wattenberg area will start within the next few
days
Denver/Heidelberg. Tekton Energy today announced that they have secured all
necessary permits and have made appropriate contractual arrangements to
launch their initial drilling program. In the next few weeks, a total of
six wells will be drilled from two drilling pads on the northwestern edge
of the Wattenberg Field. Each well will be drilled in approximately six
days with completion activities occuring shortly thereafter. Tekton plans
to target both the Codell and Niobrara formations, which are both
productive in the area. First production is expected in April 2012.
These first six wells begin the process of evaluating, optimizing and
developing Tekton´s acreage. Tekton is aiming at drilling approximately 17
vertical wells over the next 12 months in order to prove the economics of
the field and finalize its full field development plan. Overall 100
vertical wells could be drilled or a smaller number of vertical wells plus
numerous horizontal wells in the rapidly developing Niobrara and Codell oil
trends. Anadarko Petroleum, one of the largest acreage holders in the area,
announced in November 2011 that they have sucessfully drilled several
horizontal wells with superior economics.
Tekton´s Chief Executive Officer, Mr. Jerry Sommer, commented, ´ We´re very
excited to launch our Windsor drilling campaign. If you´re in the oil
business, this is what you work for - drilling wells and creating value.´
Deutsche Rohstoff´s Chief Executive Officer, Titus Gebel, concluded, ´The
Wattenberg field has recently attracted enormous attention in the US, due
to the new success of operators in both the Niobrara and Codell formations.
Thanks to the prudent groundwork of Tekton´s management, we had the
possibility to step in early. Developing the Windsor project is one of
Deutsche Rohstoff´s top priorities in 2012. ´
Heidelberg, 1 Febuary 2012
Deutsche Rohstoff AG (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 gold, oil & gas and so called
high tech metals such as tin, tungsten, and rare earth metals. All projects
are located in countries marked by political stability, the core area being
Germany. 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:
Thomas Gutschlag
+49 6221 871 000
gutschlag@rohstoff.de
End of Corporate News
01.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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154777 01.02.2012
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