Deutsche Rohstoff AG announced in Utah and in Wyoming, numerous new wells started production in the fourth quarter. Outstanding is the performance of twelve wells in Utah, in which Salt Creek has an interest of about 10% and had invested about USD 10 million. The well pad produced approximately 11,000 barrels of oil per day (BOPD) over the past 60 days, contributing approximately net 52,000 BO to the group's production.

The production is well above Deutsche Rohstoff AG's expectation. The wells drilled as part of the cooperation with Oxy in Wyoming are also developing very positively and are expected to be above Deutsche Rohstoff AG's internal expectations. In Colorado, the important Knight pad in particular exceeded expectations, as already reported at the beginning of December.

At the older well pads, several workovers have been carried out in recent months, resulting in higher production with little investment. Cub Creek's management sees further potential to increase production from older wells again. Cub Creek Drilling Program: Cub Creek will commence a three well drilling program from the Lost Springs well pad beginning in January.

Preparatory near surface work and casing to a depth of 600m has been completed. The basis for the increased 2022 forecast is currently a total of five wells drilled by Cub Creek Energy. Management considers an expansion of the planned wells to be realistic.

A decision on the final plans will be made during the first half of the year depending on the price environment and the operational development. For the years 2023 and 2024, the Executive Board expects a continuing positive business development. The high cash flows from existing production and the extensive drilling programs for 2023 and 2024 that have been started or approved provide an optimal basis for this.