New US Oil & Gas subsidiary / Focus on Colorado & Utah
Heidelberg/Denver. Deutsche Rohstoff AG today announced the foundation of a further Oil & Gas subsidiary. Like Tekton Energy, LLC the business model will be the acquisition and development of high quality oil & gas acreage in the United States. The company will have an initial focus on Colorado and Utah, both states in which the management team have previously worked and therefore gathered extensive operational experience. First activities have already been initiated. Deutsche Rohstoff AG holds a 74% majority stake in the new company. The remaining shares are held by management, which will contribute to the financing of the company. Cub Creek is positioned to license acreage and begin development activities in the course of the year.
Co-founders of Cub Creek Energy are Tekton’s current Vice President of Engineering, Robert A. Gardner, and the Vice President Land, Scott B. Baily, as well as an experienced Rocky Mountain Petroleum Geologist with extensive experience in the targeted areas. Robert A. Gardner will take on the role of President & CEO. Titus Gebel, Thomas Gutschlag and the President & CEO of Tekton Energy, Jerry Sommer, will represent Deutsche Rohstoff on the board of the company. The new management team combines several decades of experience in the U.S. oil & gas industry and has significantly contributed to the success of Tekton Energy.
Titus Gebel, CEO of Deutsche Rohstoff, said: “With Tekton Energy we were able to achieve a big success in the U.S. oil & gas business within a short period of time. We are willing to repeat this with a new subsidiary. During our cooperation with Tekton Energy we were able to convince ourselves of the excellent skills and experience that the Cub Creek Energy management team brings to the new company and we are looking forward to working together.”
Bob Gardner added: “My colleagues and I are pleased to be working with Deutsche Rohstoff AG, a financially strong partner who already have experience in the U.S. and who we became very well acquainted with during our development of Tekton Energy. It is our goal to build a significant land position and begin drilling successful wells within a short period of time.”
Heidelberg, 9 May 2014
Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company’s focus is placed on oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in political stable countries with high environmental standards. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de.
Deutsche Rohstoff AG
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