DGAP-News: Activa Resources AG / Key word(s): Preliminary Results Activa Resources AG releases preliminary 2013 group earnings and project update for 2014 31.03.2014 / 09:00 --------------------------------------------------------------------- Activa Resources AG releases preliminary 2013 group earnings and project update for 2014 - 2013 group net income close to breakeven as expected - US subsidiary raises earnings 300% - Critical mass in terms of production and revenues reached - OSR Halliday: 6th horizontal well on production; 7th well to spud in Q2 - New wells at Pill Branch (Projekt X) and Halls Bayou in Q2 - Positive outlook for 2014 Bad Homburg, 31st March 2014. Activa Resources AG, an independent oil and natural gas exploration and production company, announces preliminary 2013 group net income close to breakeven, in line with previous statements by management. Accordingly, the company was clearly profitable during the second half of the year. By achieving critical mass in terms of production and revenues the company's US subsidairy was able to generate net income of USD 1.4 million, representing an increase of 300%. 2013 revenues reached approx. USD 7 million, primarily as a result of two new horizontal wells (4th and 5th) going on production at OSR-Halliday, the company's main asset. Both wells continue to produce in line with expectations and have produced approx. 120,000 BOE and 112,000 BOE to date respectively (approx. 9 months production at both wells). Their cashflow contributions are significant and both wells have paid out. Activa also achieved a significant increase in proven oil and natural gas reserves in 2013. Total 1P reserves increased by 44% to 5.19 million BOE at January 1, 2014 (vs. 3.60 million BOE one year ago). The value of Activa's proven reserves increased 4.3 % y-o-y from USD 89.1 million to USD 92.9 million (PV10) at January 1, 2014. This has been achieved in addition to producing approx. USD 7.0 million from reserves in 2013. Following the drilling successes in 2013 Activa made further good progress across its portfolio of oil and natural gas properties during the the first quarter of 2014. The 6th horizontal well at OSR-Halliday has been drilled, completed and recently put on production. Within the first days of flowing back the load water, the well has been producing up to 300 Barrels per day. The location for the 7th well is under construction and the well is expected to spud in Q2 as planned. New wells at Project X (Pill Branch) and Halls Bayou, both located in Texas, are also set to spud in Q2. Activa's CEO Leigh A. Hooper adds: "The initial performance of the 6th well at OSR-Halliday is very encouraging. We expect 2014 to be another successful year for Activa in which we build on our successes of the previous years. In addition to continued growth in the value of our OSR-Halliday asset, we are particularly encouraged by the production results at Pill Branch (Project X). These projects in particular will generate further revenue growth going forward." Further details can be found in our 2014 Q1 Newsletter at www.activaresources.com. Management 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 Investor Relations contact Activa Resources AG GFEI Aktiengesellschaft Hessenring 107 Am Hauptbahnhof 6 61348 Bad Homburg 60329 Frankfurt Germany Germany www.activaresources.com www.gfei.de Phone: +49 (0)6172-483 2352 Phone: +49 (0)69-7430 3700 FAX: +49 (0)6172-483 2353 FAX: +49 (0)69-7430 3722 lah@activaresources.com activa-resources@gfei.de End of Corporate News --------------------------------------------------------------------- 31.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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 --------------------------------------------------------------------- 260537 31.03.2014
DGAP-News: Activa Resources AG releases preliminary 2013 group earnings and project update for 2014
| Source: EQS Group AG