DGAP-News

Activa Resources AG: Activa Resources AG publishes 2015 group financial statements

DGAP-News: Activa Resources AG / Key word(s): Final Results/Forecast
Activa Resources AG: Activa Resources AG publishes 2015 group financial
statements

25.05.2016 / 08:45
The issuer is solely responsible for the content of this announcement.

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Activa Resources AG publishes 2015 group financial statements

- Oil and natural gas production increases 5 %

- Group revenues grow decline approx. 20 % to EUR 4.36 million

- EBITDA remains positive at EUR 0.97 million (vs. EUR 2.02 million)

- Group net loss of EUR 2.72 million (vs. EUR 0.2 million)

- Preparations begin for capital increase at EUR 1

Bad Homburg, 25th May 2016. Activa Resources AG, an independent oil and
natural gas exploration and production company specialising in the
development and exploitation of oil and natural gas fields in North
America, announces details of its financial year 2015.

2015 group revenues declined by approx. 20 % to EUR 4.36 million as a
result of almost 50 % lower average oil prices. Group EBITDA amounted to
EUR 0.92 million vs. approx. EUR 2 million in 2014. After interest,
depreciation and taxes Activa Resources AG generated a group net loss in
2015 of EUR 2.7 million (vs. a net loss of EUR 0.2 million in 2014). The
net result is particularly attributable to the impact of lower oil prices
which could not be fully compensated by 5 % higher oil and natural gas
production, comprehensive cost-cutting, significant hedging income and 30 %
lower production costs of USD 13.4 per BOE.

The balance sheet total increased slightly to EUR 24.1 million at Dec. 31,
2015 (vs. EUR 23.1 million in 2014) as a result of additional debt
financing. The equity ratio deteriorated from 25.6 % to 20.5 %.

The company's ability to make forecasts is currently significantly hampered
as a result of the low oil price environment and continued oil price
uncertainty looking out over the next 24 months. Commensurate with the
clearly observable trend resulting from the price environment whereby
financial institutions lending to the oil industry are significantly
reducing borrowing bases, Activa expects Texas Capital Bank to request
repayment of Activa's existing credit facility by USD 5 - 6 million.
Management is in talks with Texas Capital Bank regarding the forthcoming
extension of the credit facility and other US financial institutions in
order to establish alternative debt refinancing arrangements. Discussions
are also being held with new investors and current shareholders to
strengthen the company's equity base, improve balance sheet ratios and
provide liquidity.

Correspondingly, planning has begun to raise significant new equity via a