Deutsche Rohstoff Plans Asset Sales, U.S. Oil Drilling in 2013
Deutsche Rohstoff AG (DR0) plans to add to asset sales next year as the German mining and commodity company seeks to increase its focus on U.S. oil and natural gas output.
Rohstoff, with 63 percent of Tekton Energy LLC, may begin 60 to 80 horizontal drillings in Windsor, north of Denver, as early as February, it said today in a statement. The company is in talks with potential investors to finance the program, which may generate sales of about $180 million by the end of 2015.
“Local permissions have been granted and the also-required authorization of the Colorado Oil and Gas Conservation Commission will hopefully be entirely available by the end of January 2013,” the company said. The license includes a potential 20 million barrels of oil-equivalent, it said.
The producer plans to dispose of more assets after selling its Georgetown gold mine and a stake in Rhein Petroleum, and focus on units already producing oil, natural gas and wolfram. Rohstoff plans to pay a dividend for 2012 and may invest in new projects in 2013, with the board reviewing “several offers.”
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