Deutsche Rohstoff AG: New US subsidiary acquires first acreage

Deutsche Rohstoff AG: New US subsidiary acquires first acreage

Deutsche Rohstoff AG

4.600 net acres in the Uinta Basin, Utah

Mannheim. The new oil and gas subsidiary Bright Rock Energy, which was founded in July 2018, has already achieved its first acquisition success after only a few weeks. For USD 2.5 million Bright Rock purchased a total of 4,601 net acres in the Uinta Basin in the US state of Utah. Current daily production is 66 barrels of oil equivalent (BOE) (45 barrels of oil), with reserves of around 150,000 BOE. There is significant upside for further production on the acreage. The Uinta Basin has become much more attractive as some major companies such as Newfield and Crescent Point have recently published very good drilling results. The closing of the acquisition is subject to the usual due diligence provisions.

Mannheim, 17 September 2018

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.

 

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