RIXX Invest AG Completes First Phase of Development of Rattlesnake Oil and Gas LLC Production Areas

On February 21, 2024, RIXX Invest AG, based in Berlin, announced the successful completion of the first phase of development of Rattlesnake Oil and Gas LLC production areas in Texas, United States. This modernization involves 36 oil production wells, currently allowing a daily production of up to 150 barrels of crude oil. The current price of crude oil for West Texas Intermediate (WTI) is 76.86 USD per barrel.

Acquired at the end of August 2023, Rattlesnake Oil and Gas LLC, headquartered in Dover, Delaware, marks RIXX's first acquisition since its reorientation in 2022. The production areas in Texas were valued at 37,333,000 USD by the auditing firm KPMG (Houston). These areas cover approximately 5,700 hectares, with the potential to reactivate up to 200 largely inactive wells, with an estimated lifespan of 50 years. In addition to modernization, new wells could be drilled.

The modernization of the remaining wells, planned over the next 2 to 3 years, could increase daily production to 700-1,000 barrels. RIXX has also expressed its intention to acquire more production areas in the future.