- 2014 oil production increases 18 %
- 2014 group revenues grow 3 % to EUR 5.45 million
- 2014 EBITDA stable at approx. EUR 2 million; net loss of EUR 203k
- 3 new wells drilled in May 2015
Bad Homburg, 28th May 2015.
Activa Resources AG, an independent oil and natural gas exploration and production company specialising in the development and exploitation of oil and natural gas fields in North America is pleased to announce details of its financial year 2014 and initial reports of three new wells drilled in recent weeks.
As a result of its successful 2014 drilling programme, Activa's oil production rose 18 % in 2014 and now accounts for 70% of total productionon a BOE basis. Oil also accounts for approximately 70 % of Activa's Proven Reserves. Production of natural gas declined 25% as planned.
2014 revenues rose 3 % to EUR 5.45 million despite significantly lower oil prices in Q4. Group EBITDA was stable at approx. EUR 2 million. In line with previous statements by management,
Activa Resources AG generated a small group net loss in 2014 of EUR 0.2 million (vs. a net profit of EUR 0.13 million in 2013). The result is particularly attributable to the dramatic fall in oil prices in the final quarter of the year and also to higher depletion charges.
The balance sheet total increased 54 % to reach EUR 23.11 million at Dec. 31, 2014 (vs. EUR 15.10 million in 2013) as a result of the further capitalisation of drilling expenditures and currency effects (stronger USD/EUR exchange rate). The equity ratio improved from 22 % to 26 %.
After a 6 month pause in drilling following the oil price collapse in the final quarter of 2014, Activa has recently resumed its drilling activities. The following three wells have recently been drilled to their respective total depths:
- Pill Branch, Arkansas, working interest 100 %, 2nd oil well, total depth 6,000 feet, first producion expected June 2015
- Adams Ranch, Texas, working interest 82 %, shallow oil well, total depth 1,600 feet, first production expected late June 2015
- Halls Bayou, Texas, working interest 12 %, 2nd oil and natural gas well, total depth 12,500 feet, first production expected late June 2015.
Preparations to resume drilling at OSR-Halliday are underway. Further details will be published in the Q2 Newsletter at the end of June.
The 2014
Activa Resources AG Annual Report is available online at www.activaresources.com.
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.
Company contact
Hessenring 107
61348 Bad Homburg
Germany
www.activaresources.com
Phone: +49 (0)6172-483 2352
FAX: +49 (0)6172-483 2353
lah@activaresources.com
Investor Relations Contact
GFEI Aktiengesellschaft
Mailänderstr. 2
30539 Hannover
Germany
www.gfei.ag
Phone: +49 (0)511-4740 2310
FAX: +49 (0)511-4740 2319
activa-resources@gfei.de
