Mannheim. Bright Rock Energy has successfully completed the acquisition of extensive acreage in the US state of Wyoming. Following the signing of the purchase agreement on 6 June 2020, Bright Rock intensively reviewed all legal, technical and financial aspects of the property in recent weeks. The review did not reveal any findings that would have led to a change in the calculation of value.
Bright Rock is acquiring approximately 28,000 net acres (approximately 11,300 hectares or 111 square kilometers) with currently five wells producing approximately 300 barrels of oil per day in April 2020. Bright Rock will be the operator for the vast majority of the acreage. Around 40% of the area are in the status “held by production”, i.e. the area is secured for the long term without further drilling obligations. At present, a number of drilling permits have already been issued for the area and others are in the approval process.
In the coming weeks, the seller will transfer responsibility for the producing wells to Bright Rock, among other things. Bright Rock will then also begin planning for the development of the areas not yet drilled.
Mannheim, 27 July 2020
Deutsche Rohstoff identifies, develops and sells attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten complete the portfolio. Further information can be found at www.rohstoff.de