German commodity: Tekton Energy reported production results and Provides Update on sale process


250.761 BOE in the first quarter / closing of the sale on or before 30. May expected

Heidelberg / Denver. Tekton Energy announced today, that in the first quarter 2014 overall 250.761 Barrel Ölequivalent (BOE) have been produced from the wells operated by Tekton. After deducting minority interests of partners and the taxes on land owners to tecton share of current expenditure in the production 130.369 BOE.

The completion of a number of directly adjacent holes and the associated potential impact on existing bores the Rancho were- and Pavistma drilling in the first quarter several times off and therefore could not produce steady. The vertical wells were shut down for this reason, for much of the first quarter and could not contribute to the production.

In addition, the Company has received from the prestigious consulting firm Ryder Scott a revised reserve report. This report confirms, that the proven reserves („proven reserves“) Tekton since the last report from June 2013 of 1,95 My. BOE auf 7,36 My. BOE have increased.

The report has only the production data before the 1. February 2014 considered. The data from boreholes, that have been completed or connected after this date, have not yet been included in the reserve calculation. It is about the five holes, die vom Pavistma- and Frye Farms-well site have been drilled and the 7. March 2014 have begun with the production. The holes produced at the first 30 Production days together 3.312 BOE pro Tag. The average proportion of Tekton at the bores (Working Interest) is 96%. Two of these wells, the extended horizontal distance („Extended Reach Laterals“) abgeteuft be had, produced on average per 809 BOE pro Tag.

Tekton produced now comprises twelve horizontal and nine vertical wells. Currently, twelve additional wells will be drilled or completed. Drilling will continue with only a drill since mid-March. Tekton and the buyer of the land have agreed to, to reduce the drilling until the completion of the transaction.

In relation to the ongoing process of selling the buyer Tekton shared now with, that regulated the sales contract review of the essential rights („Mineral Leases“) and the investigations are completed from an environmental point. There were no complaints. The deposit of USD 18 My. has therefore already been disbursed from the trust account to Tekton Energy. Tekton expects to close the transaction on or before continue 30. More 2014.

Heidelberg, 30. April 2014

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