I N T E R I M R E P O R T
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From this document you will learn the answers to the following questions:
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1 I N T E R I M R E P O R T
2 COMMENTS FROM THE CEO Leigh A. Hooper, CEO Dear Shareholder, Thank you for your interest in and support of Activa Resources AG. I am proud to announce significant achievements in only the second year of Activa s operation which leads me to three conclusions: Activa is successful, Activa is unique and Activa is postured for significant growth. Activa is unique as the first junior oil and gas company to list on the Frankfurt Stock Exchange, one of the world s premier markets for smaller companies. Activa heads the emerging German oil sector and is leading from the front with a commitment to transparency and asset quality. With our team of seasoned industry professionals with careers at Exxon and other well-known international players, Activa is building a significant new oil and gas group. We have come a long way in the last 2 years! For the first half of 2007 we report record production, oil and gas sales, proven reserves and assets. Most importantly, we are on target to generate record revenues in 2007 of some USD 4 million and we are already break-even at the operating level. That means we have reached first base and have laid the groundwork to enable us to realise our long term goals. Activa has interests in over 85,000 acres of leasehold in multiple and geologically diverse projects which have proven and probable reserves net to Activa of approximately 4 million BOE. That represents an increase of 100 % in the last 12 months. The discounted cash flow (PV 10 value) of the Proven and Probable is over USD 85 million with potential Future Net Revenue potential exceeding USD 150 million. A meaningful part of our proven and probable reserves is already on production another unique aspect of Activa. In addition, we have identified substantial additional reserves in our Adams Ranch, OSR, Gray Waterflood and Loma Field projects. Our business model sets us apart. It incorporates a disciplined and highly selective portfolio approach to manage and mitigate the inherent risk and challenges of oil and gas exploration. We believe this is Activa s most important asset. It means that we turn down most investment opportunities. Our success as a company is determined by the performance of the project portfolio and not by the results of one or two individual projects. Our business plan is focused on building a stable, profitable and diversified revenue base from low to medium risk projects to provide the vehicle for
3 continued participation in multiple High-Risk/High-Return opportunities to accelerate the growth and value of the Company. So far in 2007 we have reached several key milestones. We have added operating capabilities and assumed operations on key projects, allowing us to move into the driving seat. We have increased our Proven Oil Reserves by approximately 170 % and we have balanced our production profile as planned to 55 % oil and 45 % natural gas. As a result, we are more exposed to the positive trend in oil prices. Our drilling success rate target is 70 % and we are pleased to report an 83 % success rate in the first half of the year. Finally, Activa enjoys the support of some of the leading global financial institutions as shareholders. We have also secured a USD 50 million financing facility from Texas Capital Bank, a highlyregarded Dallas-based commercial bank. All these factors make Activa unique and contribute to our success. Most importantly, Activa is executing its business plan and delivering shareholder value. Please don t hesitate to contact me for more information on Activa and our ambitions! Leigh A. Hooper CEO
4 HIGHLIGHTS g First half production revenues increase 134 % to USD 1.83 million g Break-even at the operating level g New Tuleta Energy Partners, LLC purchased for USD 4.93 million g Proven oil reserves increased by 170 % g Balanced production mix with oil accounting for 55 % g On target for USD 4 million revenues in 2007 g Negotiated USD 50 million credit facility g Drilling success rate 83 % New Tuleta acquired and consolidated in first half Record revenues of USD 1.83 million Break-even at the operating level FINANCIAL REPORT Activa Resources AG reports on a successful first-half of 2007 and publishes consolidated financial statements in accordance with IFRS which have been reviewed by the company s US and German auditors. The most significant event during the first half of 2007 was the acquisition of 100 % of New Tuleta Energy Partners, LLC ( New Tuleta ), an independent junior oil company from Houston. New Tuleta was purchased retroactively to January 1, 2007 and merged with Activa Resources, Ltd. in August The merged entity Activa Resources, LLC has been fully consolidated for the 6 month period. Activa Resources AG generated record revenues of USD 1.83 million (EUR 1.37 million) from the production of oil and natural gas during the first half of This is an increase of 134 % versus the first half of Production revenues were marginally lower than anticipated as a result of recompletion work on our Hidalgo Frio wells. Production taxes and Lease Operating Expenses amounted to EUR 0.46 million or 33 % of production revenues. Dry hole and abandonment costs amounted to EUR 0.18 million and relate to the Lyles Ranch property. Activa s personnel expenses remain low at EUR 0.49 million (EUR 0.45 million) and include EUR 0.16 million in accordance with IFRS 2 related to the granting of 168,183 stock options to the company s management. Depletion and depreciation expenses amounted to EUR 0.34 million (EUR 0.61 million). Other operating expenses fell from EUR 0.95 million to EUR 0.40 million. Adjusted for the one-off costs of placing the 2006 bond with warrants, other operating expenses fell by 25 %. Profits before depreciation, interest, taxes and non-cash expenses relating to management options amounted to EUR 64,000 and was positive for the first time. A substantially reduced net loss of EUR 0.67 million (EUR 1.20 million) was recorded. Capitalised expenditures in Activa s oil and gas projects amounted to EUR 13 million at 30 June Liquid assets amounted to EUR 0.93 million. The balance sheet total rose accordingly to EUR 16.0 million from EUR 14.5 million.
5 P R O D U C T I O N R E V E N U E S A C T I V A R E S O U R C E S A G USD H H H H H 1 Activa publishes new reserve estimates RESERVE REPORT Activa Resources is setting new standards in reserve transparency. We provide our shareholders with a detailed and updated reserve breakdown illustrating project-by-project oil and gas reserves, expected future net revenues and PV10 calculations. We provide a breakdown for proven and probable reserves. We also publish for the first time a range of estimates for the value of our potential possible reserves, allowing investors to understand the potential impact of our exploration plays under different pricing scenarios. Please see our new reserve summary in the latest management powerpoint presentation by visiting our website and going to Investor Relations/Presentations. The most important changes to Activa s net reserves are: g g g g g Adams Ranch - additional potential oil reserves of up to 2.34 million BO OSR-Halliday - additional potential oil reserves of up to 4.5 million BO Gray Waterflood - potential oil reserves increased 525,000 BO to 900,000 BO Fayetteville Shale Estimate of potential gas reserves reduced 35 % to 125 BCF Loma Field - additional potential oil reserves of up to 300,000 BO 24 projects, 7 are high-impact plays OPERATIONS REPORT At 30 June 2007, Activa has interests in 24 projects. Activa has identified 7 as potential High- Impact projects. Each of these projects individually has the ability to significantly grow Activa. The other 17 projects are important to the portfolio to maintain and build a stable production base and several have significant upside for development. In the first half of the year, the team focused on the New Tuleta acquisition. We spent significant time and effort in completing the transaction and incorporating the new
6 83 % drilling success rate Major field studies in progress employees and assets into Activa Resources, LLC. Resulting from the acquisition and in line with our stated goal for 2007 of becoming an Operator, Activa assumed Operations on 7 of its projects. Activa participated in drilling 6 new wells during the first 6 months. 5 of these were successful. Activa expects to drill 14 wells during the second half of the year. One of the primary activities during the first half of 2007 has been to complete the field studies on several of our key projects and set up the Operations Team. Activa has had Geological and Geophysical teams focusing on the Adams Ranch Field, OSR-Halliday Field, Four County Exploration Program and the Gray Waterflood. The results to date are en-couraging and we have substantially increased the reserve potential on these projects. In addition, Activa s team has spent considerable effort on 2 new projects which it expects to announce in the near future. Below we detail the latest developments at our key projects and report on our non-core assets where significant developments have taken place. ADAMS RANCH, MEDINA COUNTY, TEXAS Adams Ranch - Faseler No. 2A well 95 % drilling success rate Activa plans to double production again In April 2007, Activa removed Dolphin Energy as the Operator of the project and assumed Operations. Activa has retained a 75 % working interest and has doubled production from the field by making several adjustments in the compression system as well as lowered the production costs. The current lifting cost is approximately $ 1.40 per MCF which Activa expects to reduce substantially as additional production is added. In May, Activa drilled and completed 3 new wells to a depth of 900 feet. Activa has achieved a 95 % success rate to date on its drilling efforts in the field. Activa s production and resulting gas sales are currently mechanically restricted due to the pipeline configuration to approximately 450 MCFPD. Our current productive capacity substantially exceeds this amount. After assuming operations, Activa retained a Pipeline Engineering Company to provide a re-design of the existing pipeline system to provide capacity for the additional current capacity and the drilling and addition of 38 identified low risk wells to the system. The design work was completed in July and Activa plans to begin construction in November of a low pressure gathering line through the field. We expect that this configuration will allow Activa to increase deliverability to 1.5 MMCFPD.
7 Acreage being expanded Proven gas reserves increase 4 fold to 2 BCF Potential oil reserves of 2.34 million barrels to Activa In June, Activa had a field discovery in a shallow 700 foot reservoir that had never been produced which could add an additional 2 BCF of gas in potential recoverable reserves to the field. Activa expects to drill an additional 5 wells by the end of the year. 3 of these will be to evaluate other possible pay intervals in the field. Due to the positive results in the field and the field study, Activa has contracted for an additional 931 acre lease in the main part of the field and is in negotiations for another 1,200 acres on the project bringing the leasehold to over 3,000 acres. The field study has identified several other potentially significant opportunities in the field in the Buda, Austin Chalk, Anacacho and Navarro Sand intervals. These intervals contain significant in place oil reserves which might be commercially extracted. A third party engineering report from Tejas Petroleum Engineers, Inc. estimates over 11.2 million BO oil in place in the shallow Navarro interval alone. Activa has developed a strategy to evaluate each interval and will provide the results and plan at a later date. Our initial analysis indicates potential net oil reserves of up to 2.34 million barrels. AKG-TAIT, COLORADO COUNTY, TEXAS AKG-Tait CCRP No. 1 well Successful low-risk development project with 100 % drilling success Activa holds a 15 % working interest in the program and drilled and completed 2 shallow Frio wells to approximately 3,500 feet during the first half of the year. Activa expects to drill 1 additional shallow Frio well and 1 deeper Wilcox well to 9,000 feet by the end of the year. Activa has had a 100 % success rate on its drilling program to date in the field. 4 wells are currently on production.
8 Activa working hard to restructure consortium Change in operator planned BARNETT SHALE, JACK COUNTY, TEXAS There has been no substantive drilling activity on this project during the first half of the year. Lewis Energy delayed the work program in order to focus on other projects. As already reported, the Barnett Shale test resulted in a mechanical failure which has not allowed Activa to evaluate the Barnett Shale. The Voyles was re-completed to the Marble Falls formation and has 1,800 pounds shut-in tubing pressure. Lewis has committed to fracture the Voyles which should result in commercial gas production. We are currently negotiating with Lewis and Bayrock Operating to replace Lewis as the Operator. We plan to drill a Barnett Shale evaluation well in January Activa has continued to work with the generating geologist and has identified multiple conventional opportunities on the acreage in addition to the opportunity provided by the Barnett Shale. However, Activa does not intend to move forward with any work plan until the Operator situation with Lewis is resolved. Successful non-core project with further drilling planned DOUBLE 7, STERLING COUNTY, TEXAS Activa has a small interest in the initial well and it remains a strong producer. Activa has currently elected to drill 2 additional prospects with Bright Energy near the Double 7 well. Activa s partner Hallwood making good progress west of our AMI Seismic analysis being evaluated Drilling plan for Activa s acreage being developed FAYETTEVILLE SHALE, WHITE/LEE COUNTIES, ARKANSAS Activa s partner, Hallwood Energy continues its development efforts in White County, Arkansas, immediately West of the Hallwood-Activa Area of Mutual Interest (AMI). Hallwood has invested significant funds into the Fayetteville Shale program and continues to work to determine how to best develop its holdings. They are working to determine where to drill, how to minimize the drilling and completion costs and how to maximize the results of the stimulation for production. In the first half of 2007 Hallwood reported construction of a pipeline in White County and successful gas production from both the Fayetteville Shale and conventional reservoirs. In addition, a 2 D seismic shoot was conducted that included a significant portion of the Activa AMI. The 2 D data is currently being reviewed and Activa expects to have the results and a 2008 development plan for its White County acreage from Hallwood by late November. We have lowered our potential gas reserve estimate in the play by 35 % due to the lower gas price assumptions and its affect on the economics and resulting recoveries and the complexity of the Fayetteville Shale across Eastern Arkansas. Major development play with several million barrels potential FOUR COUNTY, NORTH TEXAS The New Tuleta acquisition increased Activa s interest in the Four County Exploration play to 75 %. The Four County program is a shallow limestone development play. Activa is working to develop several million barrels of recoverable oil. Activa s goal is to create a low risk, repeatable development drilling program with 100 plus drilling locations on our 4-5 projects that each can produce approximately 50,000 BOE from the primary objective. An approximate 25 % working interest in a key analog asset, the Cerf and Humphies properties in Navarro County, was added to the portfolio through the New Tuleta acquisi-
9 Pilot program at CERF underway tion. The properties currently produce approximately 35 BOPD from several wells. Activa participated in 2 new wells on the Cerf lease in July 2007 for a 46 % working interest and expects both to be on production by October. If the completion results are in line with expectations then Activa will accelerate the development of the 4 County Play to drill 12 wells in 2008 to prove up 48 locations. Non-core asset that has not met Activa s expectations GENEVA, SCHLEICHER COUNTY, TEXAS The initial Geneva well continues to produce at approximately 114 MCFPD which is marginal and does not meet our expectations. Several attempts were made to improve the production and better understand the result but these have not been successful. Activa does not expect to participate further in this project but will retain its interest in the production and acreage. A key high-impact project with up to 900,000 net barrels potential GRAY WATERFLOOD, CALCASIEU PARISH, LOUISIANA The Gray Waterflood is one of the key high-impact projects in the Company and has a potential for over 1,000 BOPD at full implementation with recoverable reserves estimated at 2 to 3 million barrels of oil. The pilot well is scheduled for December 2007 which could result in a significant addition to the Company s Proved and Probable reserves. We have increased our estimate for potential reserves from 525,000 BO to 900,000 BO net to Activa. HIDALGO FRIO, HIDALGO COUNTY, TEXAS Hidalgo Frio SWGU No. 37 well
10 100% drilling success to date Further drilling planned Activa s partner and project operator Kaler Energy attempted several tests on the third Hidalgo well (SWGU No.37) in the deeper objectives at approximately 10,400 and 10,200 feet but was not successful. We then attempted a completion in the 9,500 foot interval that is the main pay in the field. After several delays, the well was fracture stimulated in August 2007 and placed on production at 1 MMCFPD in September. Activa expects to drill the No.38 well in November. Highly economic non-core project HOGG-HEAVEN, JIM HOGG COUNTY, TEXAS The well had continues to be a strong producer and highly economic. The lifting costs are approximately 60 cents per BO and 10 cents per MCFG. Activa elected to participate in a second well which spudded on the first of September New Operator: El Paso Drilling to start first quarter 2008 LOMA FIELD, GALVESTON COUNTY, TEXAS The S Sand prospect which has a potential for over 13 BCF of gas was postponed by Peoples Energy due to the sale of the company. Peoples Energy was acquired by El Paso in the summer of El Paso expects to drill the S Sand prospect in the first quarter of Activa holds a 25 % working interest in the project. In addition, Activa expects to drill a shallow one million barrel potential 9,000 foot Frio prospect on the Southern end of the project in November As a result we have added potential oil reserves of between 100,000 and 300,000 BO net to Activa. No further investment planned LYLES RANCH, ZAVALA COUNTY, TEXAS Activa drilled a third test well in March The results were disappointing and Activa has elected to abandon the Lyles Ranch project. Early-stage development play MONGOOSE, GONZALES COUNTY, TEXAS Activa has recently added the Fayette Prospect to the Mongoose Project. The Fayette Prospect was the analog and provides a re-completion opportunity that we can use to test the stimulation model for the Navarro sand. The frac stimulation and re-completion is scheduled for October If successful, this would add 10 potential additional drilling locations. Activa s main producing asset Substantial EOR development potential of up to 4.5 million barrels to Activa OSR-HALLIDAY, LEON/MADISON COUNTIES, TEXAS This project was the key reason for the New Tuleta acquisition. The field is currently producing approximately 330 BOE per day. Activa holds a % working interest in this 12,000 acre Woodbine unit which has produced primarily from one formation since its discovery in Since that time, numerous additional pay sands have been productive on trend and in the region of the OSR Field. In April Activa implemented a full field study on the project and believes there is substantial potential for several of the 9 identified zones of interest. In addition, Activa has continued with the reservoir study work on the Woodbine formation by Winship Engineering which has estimated a potential 11.7 MMBO in recoverable oil reserves. This estimate is based on re-implementing the waterflood which was discontinued in 1986 due to low oil prices. In addition, Activa has investigated the recent activity in CO2 pipelines and
11 Activa to initially drill PUD locations Activa successfully reducing field costs projects that are underway in the region. CO2 recovery is a proven follow up to waterflooding that could result in providing additional recoveries in similar quantities as the waterflood. Our analysis suggests up to 4.5 million barrels could be recoverable net to Activa. Activa expects to drill its first PUD location in November 2007 to evaluate a deeper objective and the Woodbine. Activa will propose a continuous drilling program for the 14 additional identified PUD locations starting in Activa has also worked with the project Operator to minimize the lifting costs in the field which were approximately USD 30 per BOE when acquired. The most recent lifting costs are down to approximately USD per BOE and should fall significantly as additional production is added. Non-core project with development potential SANTA ROSA, PECOS COUNTY, TEXAS The first well continues to perform well and Activa has participated in an additional 2 D seismic program over the area which has resulted in 2 additional drilling prospects which it expects Bright Operating to propose in On production but disappointing TARKINGTON BAYOU, LIBERTY COUNTY, TEXAS The well was drilled in late 2006 and completed in the first months of The well is currently being evaluated due to the limited entry and daily rate of 5 BO. The well had a test rate of approximately 100 BOPD which was encouraging. The well was completed and placed on pump after being shut in for several months waiting for the electricity to be run to the well site. During that time fluid was left in the hole which we believe could have caused significant near wellbore damage which has resulted in limited entry of fluid in the wellbore. The Operator and partners are reviewing the situation to see if any remedial work can be done to re-establish the permeability and resulting flow rate in the well. OUTLOOK Activa Resources is executing its business plan and continues to build on its solid base. The New Tuleta acquisition was a key component in that effort in the first half of Today Activa offers a wider exploration, exploitation and development inventory than ever before. With the acquisition behind us, we will now focus on the positive impact we expect to see in production and reserves. Activa s potential to generate shareholder value has been taken to a new level.
12 C O N S O L I D A T E D I N C O M E S T A T E M E N T (in Euro) JUN 30, 2007 JUN 30, 2006 SALES REVENUES OTHER OPERATING INCOME OPERATING EXPENSE GOODS AND MATERIAL EXPENSES PERSONNEL EXPENSES DEPRECIATION OTHER OPERATING EXPENSES OPERATING RESULT FINANCIAL RESULT PROFIT/LOSS BEFORE TAXES TAXES ON INCOME AND EARNINGS RESULT AFTER TAX NET PROFIT / LOSS C O N S O L I D A T E D B A L A N C E S H E E T (in Euro) A S S E T S JUN 30, 2007 JUN 30, 2006 FIXED ASSETS MINING RIGHTS, DRILLING AND DEVELOPMENT COSTS PROPERTY AND EQUIPMENT DEFERRED TAXES CURRENT ASSETS ACCOUNTS RECEIVABLE SECURITIES 4 3, LIQUID ASSETS , TOTAL ASSETS L I A B I L I T I E S SHAREHOLDER S EQUITY CAPITAL STOCK CAPITAL RESERVES ANNUAL PROFIT/LOSS LONG-TERM LIABILITIES FINANCIAL DEBT (BOND) SHORT-TERM LIABILITIES LIABILITIES FROM GOODS AND SERVICES PROVISIONS OTHER SHORT-TERM LIABILITIES TOTAL LIABILITIES The 2007 interim financial statements have been reviewed by the company s auditors. This does not aplly to the 2006 interim figures. Please note, however, that the financial statement for the financial year 2006 were fully audited.
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