30,000 net acres/804 BOE daily production
Mannheim/Denver. Cub Creek Energy has signed a purchase agreement covering approximately 30,000 net leasehold acres (121 square kilometers) located in Wyoming/USA. In addition to the acres, the purchase agreement includes working interest in 17 producing wells with approximately 804 BOE of net daily production (as of August 2021).
Cub Creek will carry out the usual due diligence of the properties in the coming weeks, with the transaction expected to close in October of 2021. The negotiated purchase price for the properties was based on the discounted value of existing production.
Thomas Gutschlag, CEO of Deutsche Rohstoff AG, commented: “With this acquisition, Cub Creek Energy buys profitable production and opens up a large potential for long term development drilling. Together with Bright Rock Energy’s acreage, we will hold nearly 60,000 acres in Wyoming/USA. At today’s oil prices, there is additional growth potential for both companies for many years to come.”
Mannheim, 3 September 2021
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