RIXX Invest AG completes first development phase of Rattlesnake Oil and Gas LLC

RIXX Invest AG completes first development phase

of Rattlesnake Oil and Gas LLC

Berlin, February 21, 2024 - RIXX Invest AG, Berlin, has successfully completed the first phase of the development in production areas of Rattlesnake Oil and Gas LLC in Texas (USA). The modernization of 36 oil production wells currently enables a daily production volume of up to 150 barrels of crude oil; current crude oil price for West Texas Intermediate (WTI) is USD 76.86 per barrel.

RIXX Invest AG acquired Rattlesnake Oil and Gas LLC, headquartered in Dover (Delaware), USA, at the end of August 2023. It was RIXX's first acquisition since its realignment in 2022. As part of the transaction, the auditing firm KPMG (Houston) valued Rattlesnake LLC's production areas in Texas at USD 37,333,000.

The production areas of Rattlesnake LLC cover around 5,700 hectares and offer the potential to reactivate up to 200 existing but currently largely inactive oil production wells. These have an estimated lifespan of up to 50 years and are to be modernized in accordance with a development plan. New wells can also be drilled.

The remaining oil wells are to be modernized over the next 2 to 3 years. This could increase daily production to a total of 700 to 1,000 barrels per day.

RIXX had already announced its intention to acquire further oil production areas in the future.


 

Further Information:

Thomas Knipp

[email protected]

Tel.: +49175 779 6500

About RIXX Invest AG:

Berlin-based RIXX Invest AG ("RIXX AG") is an investment holding company in the energy sector whose shares are listed on the OTC market of the Berlin Stock Exchange.