Activa Resources Ag to step up growth rate
29.10.2012 | DGAP
News Release 29th October 2012Activa Resources AG to step up growth rate
* Two new OSR-Halliday horizontals wells to be drilled back-to-back in 2012
* Three further wells planned in 2013
Bad Homburg, October 29th, 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, reports an acceleration of
its drilling activities at its main producing asset, the OSR-Halliday field
in East Texas.
Activa and its partners in the OSR-Halliday oil field, located in one of
the most promising new oil plays in Texas, have decided to ramp up
production. Two new horizontal wells targeting the Woodbine formation will
be drilled in the coming weeks. The first of these spudded on October 22.
The second will be drilled back-to-back and both are expected to go on
production in early 2013. Activa and its partners are planning to raise
production rates at OSR-Halliday again during 2013 with the drilling of
three further wells.
Activa's CEO Leigh A. Hooper explains: 'Our decision to accelerate the
production growth rate at OSR-Halliday is based on the success of the first
three producing horizontal wells in the field during the last two years. We
also want to rapidly increase the value of the field through drilling in
order to achieve a field valuation in line with recent transactions
pertaining to acreage in the region. Additional potential at OSR-Halliday
is provided by the formations which have yet to be tested by Activa and its
partners. Other companies are already successfully producing from these
Eaglebine zones in the surrounding area.'
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.
Company contact:
Activa Resources AG
Hessenring 107
61348 Bad Homburg
www.activaresources.com
Telefon: +49 (0)6172-483 2352
FAX: +49 (0)6172-483 2353
lah@activaresources.com
Investor Relations contact:
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt
www.gfei.de
Telefon: +49 (0)69-7430 3700
FAX: +49 (0)69-7430 3722
activa-resources@gfei.de
End of Corporate News
Unternehmen: Activa Resources AG - ISIN: DE0007471377
