Deutsche Rohstoff AG: Bright Rock acquires additional acreage in Wyoming
9,500 acres/90-day average of Buster well at 805 BOPDMannheim/Denver. Bright Rock Energy has signed a purchase and sales agreement for acreage in the Powder River Basin in Wyoming. The acreage is approximately 9,500 acres (38 square kilometers). As usual, due diligence on the asset will take place in the coming weeks. The transaction is scheduled to close mid-March. The parties have agreed not to disclose the purchase price.
To date, there are no producing wells on the newly acquired acreage. Upon further study and well permitting, the goal is to drill appraisal wells demonstrating the production capability of the new asset. Development drilling would follow.
Bright Rock is also pleased to give an update on the Buster well which came online in November 2021. In its first 90 days after clean-up, it produced an average of 805 barrels of oil per day, or 68,000 barrels in total, continuing to exceed expectations. After the first three months of production, the well has paid back roughly one third of the funds invested. Using recent strip pricing, this well result is expected to acheive 79% IRR with a 1.1 yr payout. Bright Rock owns 100% working interest in the well.
Mannheim, 17 February 2022
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