Deutsche Rohstoff AG: Tekton Energy reports three more successful oil wells

Deutsche Rohstoff AG

Deutsche Rohstoff AG: Tekton Energy reports three more successful oil wells

Deutsche Rohstoff AG

All six wells successful /Start of production already planned for early April

Denver/Heidelberg. Deutsche Rohstoff AG (DRAG) has achieved another drilling success through its subsidiary company Tekton Energy in the U.S. State of Colorado. As part of the first drilling campaign, which the company had started in the Windsor/Wattenberg project north of Denver in early February, three more vertical wells were drilled in different directions from the second well site (“Pavistma pad”). All three wells were successful again. Altogether, Tekton has now been able to drill six successful wells.

Jerry Sommer, CEO of Tekton Energy, said: “We continue to validate our geological model. So far, the results have exactly met our expectations. We are very confident that the remaining wells will also prove reserves as our model suggests”.

By mid-year, ten holes shall be drilled from different drill sites and brought to production. By then, an independent expert’s reserve calculation will be available. Drilling of the next three wells operated by Tekton is planned for the end of April from a well pad near the previously drilled wells (“Frye Farms pad”). Tekton will in the meantime focus on the start of production of the first six vertical wells. Production from the first three wells is planned for early April, the second three wells shall follow thereafter.

Heidelberg, 12 March 2012