Activa Resources AG
- WKN: 747137
- ISIN: DE0007471377
- Land: Deutschland
Nachricht vom 05.03.2012 | 08:30
Activa Resources AG announces preliminary 2011 operating results
Activa Resources AG / Key word(s): Preliminary Results 05.03.2012 / 08:30 --------------------------------------------------------------------- Corporate News 5th March 2012 Activa Resources AG announces preliminary 2011 operating results - Oil and natural gas production revenues rise to EUR 4 million (2010: EUR 3 million) - Approx. EUR 1 million in EBITDA; positive operating cash flow - 25 % production increase from 84,861 BOE to approx. 106,000 BOE - Increasing focus on development of oil assets - 2012 drilling programme fully funded through higher cash flows and increased credit line - 3rd OSR-Halliday horizontal well reaches total depth Bad Homburg, 5th March 2012. Activa Resources AG, an independent oil and gas company with operational knowhow in the development and efficient exploitation of oil and natural gas properties, provides the following preliminary details of its group financial performance in 2011. Revenues from the production of oil and natural gas increased in 2011 from EUR 3 milllion to EUR 4 million. EBITDA reached approx. EUR 1 million (vs. EUR 0 in 2010 excluding asset sale). Activa's net production of oil and natural gas increased in 2011 by 25 % from 84,861 BOE to approx. 106,000 BOE. The growth in quarterly production illustrates the impact of Activa's well successes in 2011 with Q1 production of 16,700 BOE more than doubling to over 34,000 BOE in Q4. While 2011 saw an increase in both oil and natural gas production Activa is primarily focussed on increasing its oil production. This strategy will remain in place as long as US natural gas prices remain low. Against a backdrop of further uncertainty regarding US natural gas prices Activa's Management and Supervisory Board have resolved to take certain charges in its 2011 accounts such that the company's balance sheet contains no residual risks. Capitalised project expenses relating to natural gas assets (primarily Fayetteville Shale) totalling EUR 1.3 million will be written off in 2011. While operating cash flows were clearly positive in 2011 Activa's 2011 group net result will be negative as a result of this one-off, non-cash item. Activa also announces an important improvement in its ability to fund its future growth. The company's US credit facility has been raised from USD 4 million to USD 8 million as a result of Activa's 2011 operational successes, in particular the first two OSR-Halliday horizontal wells. Together with higher free cash flows from production, Activa is able to fully fund its 2012 drilling programme. Capital expenditure at its 4 main oil projects - OSR Halliday, Loma Field, Adams Ranch und Gray Waterflood - is expected to amount to up to USD 6 million in 2012. Activa's main priority is the further development of the OSR-Halliday field where the company's latest horizontal well recorded strong initial production rates of 700 BOED. The third horizontal well (1-3H) has recently been drilled to a total depth of 13,043 feet and now awaits fracture treatment. Activa expects steadily increasing revenues and higher market valuations of Activa's interest in the field. This will be supported by accompanying increases in proven reserve estimates. Activa is planning to increase production volumes by at least 30% via its 2012 drilling programme. Higher operating cash flows will facilitate further expansion of the company's drilling activites in the coming years. The Management Board About Activa Resources AG Activa Resources AG is an independent oil and gas company which focuses on the acquisition, development and exploitation of oil and natural gas properties. Activa Resources AG is listed on the Frankfurt stock exchange and is based in Bad Homburg, Germany. The company's management and technical team comprise oil industry experts with many years operational experience at major international oil companies. Further information can be found at www.activaresources.com. Forward-looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although Activa believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that Activa fails to raise sufficient capital to adequately fund its activities. Contact information: Activa Resources AG Hessenring 107 61348 Bad Homburg www.activaresources.com Telefon: +49 (0)6172-483 2352 FAX: +49 (0)6172-483 2353 firstname.lastname@example.org GFEI Aktiengesellschaft Am Hauptbahnhof 6 60329 Frankfurt www.gfei.de Telefon: +49 (0)69-7430 3700 FAX: +49 (0)69-7430 3722 email@example.com End of Corporate News --------------------------------------------------------------------- 05.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 159235 05.03.2012
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