Deutsche Rohstoff AG: Value of oil and gas reserves up year-on-year based on current prices
Mannheim. The present value of the reserves of the US-subsidiaries of Deutsche Rohstoff AG (future cash flow discounted at 10%, so-called PV 10) amounts to USD 211.6 million based on the current forward curve as of 8 March 2021. Of this amount, USD 188.2 million relates to certain reserves and USD 23.4 million relates to probable reserves. As of 31 December 2020, the value was USD 128.8 million for the proven reserves and USD 14.6 million (previous year: USD 9.4 million) for the probable reserves due to significantly lower prices. Proven reserves were calculated at 20.4 million barrels of oil equivalent (BOE) at year-end (previous year: 26.6 million BOE), while probable reserves were calculated at 3.8 million BOE (previous year: 2.4 million BOE).
Cub Creek and Elster reserves were lower than the previous year due to production last year and also due to an assumed reduced drilling density at the Knight well pad. Bright Rock, on the other hand, significantly increased reserves through acquisitions and higher drilling density in the Uinta-Basin in Utah. At Salt Creek and Bright Rock, proved reserves climbed over 34% to now 4.7 million BOE (previous year: 3.5 million BOE), while probable reserves rose by as much as 60% to 3.8 million BOE.
A detailed overview will be available shortly on the website of Deutsche Rohstoff.
Mannheim, 11 March 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
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Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Phone +49 621 490 817 0
info@rohstoff.de