Deutsche Rohstoff AG

  • WKN: A0XYG7
  • ISIN: DE000A0XYG76
  • Land: Deutschland

Nachricht vom 25.08.2021 | 08:57

Deutsche Rohstoff AG: Bright Rock commences drilling of first well in Wyoming

DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
25.08.2021 / 08:57
The issuer is solely responsible for the content of this announcement.

Deutsche Rohstoff AG: Bright Rock commences drilling of first well in Wyoming

Mannheim/Denver. Bright Rock Energy will shortly commence drilling of its first well on its Powder River basin acreage that was acquired last year. The Buster Federal well is located 27 km north of the town of Douglas, Wyoming. It will be a two-mile horizontal well targeting the Niobrara formation which has proven to have prolific production in the area. After drilling, the well is scheduled to be completed in October with first production beginning in December 2021. The capital cost of the well will be approximately USD 9 million.

Since acquiring five producing wells and an extensive land position in July 2020, the Bright Rock team moved quickly to form a federal exploratory unit and began preparations to drill its first well. Main goals for the well are to further demonstrate the repeatability of production from the Niobrara zone, chart a path to lower future pad-development costs, and to hold operatorship of the 23,600 acre federal exploratory unit at the core of the position.

Bright Rock's land position is located in a structurally deep part of the Powder River basin where organic-rich source rocks have generated large accumulations of oil in up to 3 different zones: Niobrara, Turner and Mowry. Most of the nearby drilling has targeted the Niobrara. Depending on well spacing, Bright Rock has identified 65-130 gross (50-100 net) 2-mile Horizontal well locations available for future development in just the Niobrara zone. Turner and Mowry zones hold significant additional potential not included in the location count.

Chris Sutton, CEO of Bright Rock Energy, commented: "We are very excited to drill our first well in the Powder River basin. It will pave the way for future development. Drilling inventory in the Niobrara formation alone will ensure growth for Bright Rock for many years to come. The two other prolific formations will likely add many more locations in the future."

Mannheim, 25 August 2021

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

Contact
Deutsche Rohstoff AG
Dr. Thomas Gutschlag, CEO
Phone +49 621 490 817 0
info@rohstoff.de



25.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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