Deutsche Rohstoff AG: Tekton Energy enters into cooperation agreement with Anadarko Petroleum

Deutsche Rohstoff AG

Deutsche Rohstoff AG: Tekton Energy enters into cooperation agreement with Anadarko Petroleum

Deutsche Rohstoff AG

Denver/Heidelberg. Deutsche Rohstoff AG’s US-Oil subsidiary Tekton Energy reported today that it entered into a cooperation agreement with the second largest oil and gas producer in the Wattenberg area, Houston-based Anadarko Petroleum (www.anadarko.com). Both companies have agreed to the following arrangements:

– Anadarko will lease 240 acres in Sections 29 and 33-6N-67W, adjacent to Tekton’s project area to Tekton in exchange for a license to Tekton’s 3D-seismic in the Windsor area, acquired in summer 2012.
– Tekton and Anadarko will jointly develop the oil and gas potential in Section 32, consisting of 320 acres, also adjacent to Tekton’s acreage. Tekton will be operator for this area.
– Additional cooperation is being discussed

Jerry Sommer, CEO of Tekton Energy, noted: “We are pleased to work together with a multinational company and one of the largest and most successful operators in the Wattenberg field. The additional acres adds substantial value to our Windsor project and offers potential for up to six additional net horizontal wells.”

According to information published earlier, Anadarko Petroleum intends to invest more than USD 1 billion in Wattenberg this year. The company is listed on the New York Stock Exchange. Its current market value amounts to USD 42 billion.

Tekton Energy plans to start horizontal drilling later this month and will publish an update of its activities shortly.

Heidelberg, 8 February 2013