Year-end oil and gas reserves of Cub Creek and Elster

The present value of the reserves (future cash flow discounted at 10%, so-called PV 10) of Cub Creek Energy (CCE) and Elster Oil & Gas (EOG) amounted to USD 169 million as of 31 December 2017 (previous year: USD 162 million) for proved reserves and USD 28 million (previous year: USD 91 million) for probable reserves. Therefore, proved reserves have increased and probable reserves have been significantly reduced. Proved reserves have increased to 17.5 million barrels of oil equivalent (BOE) (previous year: 12.1 million BOE), while probable reserves fell to 7.1 million BOE (previous year: BOE 11.7 million).