Activa Resources AG puts successful seventh horizontal well at OSR-Halliday on production
Activa Resources AG puts successful seventh horizontal well at OSR-Halliday on production
- 7th OSR-Halliday horizontal well on production at up to 700 BOED
- 8th well currently drilling ahead in the lateral section
Bad Homburg, 5th September 2014. Activa Resources AG, an independent oil and gas producer, provides initial details of its latest horizontal well to go on production at its main oil and natural gas project OSR-Halliday Unit in East Texas.
The 7th horizontal well (105-6H) spudded at the end of May 2014 and has been drilled to a total measured depth of 14,613 feet in the targetted Woodbine formation with a 5,403 foot lateral. The well was fractured in 23 stages in mid- August has been on production since August 26th. Under controlled flowback the producing rates have steadily increased and the well is now consistently producing 600 BOED, with peak rates of 700 BOED. The hydrocarbon flow rate currently comprises 90 % oil and 10 % natural gas and natural gas liquids. To date the well performance has fully met the company's expectations.
Activa has now put 7 horizontal wells in a row on production at OSR-Halliday. The results again confirm the potential of the Woodbine formation.
Activa's CEO Leigh A. Hooper adds: "This is another excellent result - especially considering the fact that the horizontal section of this well is approx. 1,000 feet shorter than planned. Furthermore, the oil cut is unusually strong given the fact that at the present time only 8 % of the load water has been recovered."
Development of the OSR-Halliday field is set to continue with the 8th well set to be fracture stimulated and put on production in the coming weeks. The well is currently drilling ahead in the lateral section.
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 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
