I N T E R I M R E P O R T

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Dear Investor,

Thank you for your interest and continued support of Activa Resources AG.

The first half of 2009 was very challenging for our company. While global economic recovery has helped the capital and credit markets and the oil price recover, prices for US natural gas have trended weaker all the way through to September, reaching levels last seen in 2002. With natural gas making up approx. 65 % of our production this has had a material impact on our revenues during the first half of the year which could not be fully compensated by our higher production volumes.

In our dialogue with you, whether via our news releases, newsletters or at our AGM, we have explained our strategy to weather this environment: personnel reductions, cost cutting, focussing on our producing US assets, disposing of our German activities. Members of the group management have also provided funds into our US subsidiary to ensure that working capital balances remain healthy while pro-duction cash flows are under pressure. At the same time Activa has focused on completing its technical work on several key projects which is shifting our proven and probable (2P) reserve mix back towards oil. There are two prerequisites to generating significant shareholder value going forward which management is prioritising: First, de-leveraging the company. Our debt position is the single largest impediment to our growth story. Like many other companies worldwide we are working on a plan to ensure that it is significantly reduced. Second, securing funding to develop our existing oil and gas re-serves. Our US subsidiary is well positioned for growth – with a well balanced reserve base with long life production potential. Drilling costs have greatly declined over the last 12 months thus providing significant opportunity for us to develop our assets at lower cost going forward. This combination of factors will drive long term value creation.

Allow me to put the development of US natural gas prices into perspective for you. The US natural gas price is arguably the best barometer for the underlying performance of the US economy. We believe that the US economy will recover during 2010, but not before and only gradually. Natural

LETTER FROM THE CEO

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gas prices will mirror this scenario. Indeed, forward natural gas prices for the 4th quarter of 2010 are

tra-ding near USD 7 per MCF, compared to current spot prices in the region of USD 3.60. We also expect oil prices to stay above USD 65.

This bodes well for the future development of Activa‘s inventory of US oil and gas projects, which are both under-explored and under-developed and offer the potential for high investment returns. Our strategic aim is to continue to position the company in anticipation of a commodity price expansion cycle.

Please don’t hesitate to contact me for more information on Activa Resources.

Leigh A. Hooper CEO

September 2009

This report is based on the Activa Resources AG consolidated financial statements

prepared in accordance with IFRS and reviewed by the

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FIRST HALF NEWS

OPERATIONS REPORT

g Revenues decline 29 % to EUR 1.68 million despite 40 % production increase g Positive EBITDA of EUR 0.46 million

g PV10 of proven reserves EUR 25 million (USD 35 million) g No new drilling - focus on G+G work on core US projects g Exit from Rhein Petroleum GmbH

Activa’s net production of oil and gas during the first half of 2009 was approx. 40 % higher than the previous year as a result of our successful 2008 drilling programme. Daily production rates rose to just under 400 BOED and averaged 380 BOED during the second quarter. Natural gas production accounted for approx. 65 % thereof, markedly higher than last year as a result of the high rate Loma Field well put on production in September 2008

As previously reported Activa reacted swiftly to the lower price environment by reducing costs across the board. Total overhead costs were 30 % lower in the first half. This included salary cuts and reductions in G + A costs across the board. The headcount in the US was cut from 11 to 7 at the end of 2008.

After our successful drilling programme during the second half of 2008 we postponed all new drilling activity as a direct consequence of the collapse in oil and natural gas prices. Activa will recommence drilling activities subject to better pricing and/or lower price volatility.

G + G work on our existing project portfolio has been ongoing and focussed on our main oil-producing asset, the OSR-Halliday field in east Texas which has been oil-producing continually since 1961. Current production remains steady at 330 BOED. The main attraction of this asset, however, is its additional development potential. Together with Cobb and Accociates, Activa’s technical team is nearing being able to fully define the development potential of additional primary production as well as the field’s potential for waterflooding and producing from dee-per horizons. Activa’s initial plan is to implement a PUD development plan before moving on to secondary techniques (waterflood). Proven reserves net to Activa currently amount to 1 million barrels. The additional potential is expected to amount to at least 2 million barrels net to Activa.

Activa’s G & G efforts also include work on a number of internally generated projects, where various field studies are at an early stage. The most advanced of these is a natural gas prospect in Montgomery County, Texas (working name “Wilcox Project”). The field study of this new multi-prospect play is now 80 % complete and Activa has to date leased Production up 40 %

Cost savings implemented

New drilling activity stopped

Focus on G + G work

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Rhein Petroleum interest sold

Activa’s management believes that developing internally-generated prospects of this nature is a key method of laying the foundations for future value creation. Most importantly, it is the single most cost-effective method for enhancing the company’s project portfolio during the current environment when taking a 3 to 5 year investment view.

In June Activa Resources AG sold its 33 % interest in Rhein Petroleum GmbH. The primary trend in the global oil and gas sector in the current economic and pricing environment is towards focussing on O&G prospects with the highest expected investment returns. Activa Resources is allocating its resources in the most efficient way by focussing on its US projects which have lower risk profiles and better defined development potential. Only one-quarter of Activa’s proven reserves are currently on production and Activa’s investment focus is geared to monetising these assets given their superior risk-reward ratios.

The consideration for the sale comprised reimbursement of the all expenditures and investments made by Activa into Rhein Petroleum and a 1 % non-cost bearing revenue interest in all future oil and gas prospects on the licences currently held by Rhein Petroleum, with a EUR 1 million cap.

Further details on Activa’s projects will be provided in the Q3 Newsletter scheduled for publi-shing in November.

4.000.000

3.000.000

2.000.000

1.000.000

0

2005 H2 2006 H1 2006 H2 2007 H1 2005 H1

P R O D U C T I O N R E V E N U E S

U

S

D

1.822.366

309.309

719.603

787.401

83.140

2.938.321

3.676 .137

3.245.670

2.237.665

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FINANCIAL REPORT

I. CONSOLIDATED INCOME STATEMENT

Activa Resources AG generated consolidated revenues of EUR 1.68 million (USD 2.21 milli-on) from the production of oil and natural gas during the first half of 2009. This represents a decrease of 29.4 % versus the first half of 2008 and is solely due to lower market prices for oil and natural gas. Other operating income amounted to EUR 0.18 million resulting from hedging (see below) and currency gains. The total cost of oil and gas operations – comprising Production taxes and Lease Operating Expenses – amounted to EUR 0.63 million or 37.4 % of production revenues (vs. 27.9 % in 2007). There were no dry hole costs (EUR 0.16 million in 2008).

Activa has in place a costless collar hedge with a floor and cap of USD 65 and USD 76 res- pectively on 50 BOED through 2011. During the first half Activa recorded a derivative settle-ment gain of EUR 97,000 as a result of oil prices trading lower than the floor. This compares to a 2008 H1 loss of EUR 210,000 resulting from oil prices exceeding the cap during that period. Activa’s overall cash overhead costs – personnel and other operating expenses were reduced by 30 % y-o-y from EUR 1.10 million to EUR 0.77 million during the first half (2008 figure is adjusted for non-cash charges of EUR 0.29 million related to the 2006 granting of 168,183 stock options to the company’s management). Depletion and depreciation expenses increased to EUR 0.87 million (vs. EUR 0.40 million in 2008) primarily as a result of lower natural gas prices as at June 30.

Profits before interest, taxes and depreciation expenses amounted to EUR 0.46 (EUR 0.53 million in 2008, also adjusted for the stock option expense) and was clearly positive. A net loss of EUR 0.87 million (EUR 0.14 million in 2008) was recorded.

II. CONSOLIDATED BALANCE SHEET

The balance sheet total fell marginally y-o-y to EUR 16.9 million at June 30. Capitalised ex-penditures in Activa’s oil and gas projects increased to EUR 14.9 million vs. EUR 12.6 million as a result of successful wells drilled during the latter part of 2008. On the assets side, lower cash balances of EUR 0.35 and deferred tax reductions account for the minor balance sheet contraction. The dissolution of provisions for hedging losses – as a result of the lower pricing environment – was the most significant change on the liabilities side.

Given the ongoing difficulties in tapping the capital and credit markets and the negative impact Revenues of EUR 1.68 million

Total assets EUR 16.9 million Oil hedge earns EUR 97,000

Overhead costs down 30 %

EBITDA of EUR 0.46 million

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New reserve estimates

Proven reserves stable at 2 million BOE

RESERVE REPORT

with an investor group whereby USD 600,000 was transferred to the company. The investor group comprises primarily the management of Activa Resources, LLC and Activa Resources AG’s largest shareholder. The agreement grants an option to purchase the Adams Ranch pro-ject and various non-core interests (Santa Rosa, Double 7, Broyles and AKG-Tait) for a total con-sideration of USD 601,000, a price which materially exceeds the market price for these assets in the current natural gas pricing environment. The company has in turn been granted the right to retain the assets by returning the USD 600,000 plus a fee of 10 %. The initial term is Dec. 31, 2009 although this will likely be extended. The item has been recorded as a current liability. The sole motivation of this related party transaction is to bolster the financial position of Activa Resources, LLC during this phase of depressed natural gas prices.

Activa Resources continues to set high standards in reserve transparency. We provide our shareholders with a detailed and updated breakdown of net oil and gas reserves by category, expected future net revenues and PV10 values. Our reserve estimates are prepared by Sojen Petroleum Consultants of Austin, Texas.

Table 2 provides a reserve summary for Activa Resources, LLC as at 1 July 2009. Proven reserves have remained stable over the last 12 months with new discoveries adding reserves to com- pensate for those produced. Proven reserves amount to approx. 2 million BOE with a PV10 of USD 35 million based on August strip pricing. Probable reserves account for an additional 2.6 million BOE, up from approx. 2 million BOE over the last 12 months, with a PV10 of USD 65 million. The total potential of Activa’s reserve base is, however, materially higher. Activa’s reserve base is well balanced. Proven reserves (P1) comprise 53 % oil and 47 % natural gas while probable reserves are geared more significantly to oil. Achieving a balanced reserve basis is a key element of Activa’s model portfolio strategy. Activa’s PDP reserves account foron-ly a small portion of its total proven and probable reserves.

PROVEN DEVELOPED PRODUCING 429,099 1,867,860 21,582,704 13,043,860

PROVEN BEHIND PIPE – 784,056 3,450,821 69,629,127 22,250,968 UNDEVELOPED

TOTAL PROVEN 1,213,155 5,318,681 91,211,831 35,294,828

PROBABLE 2,365,990 1,192,992 146,501,546 66,067,507

TOTAL PROVEN + PROBABLE 3,579,145 6,511,673 237,713,377 101,362,335

ADDITIONAL POSSIBLE/POTENTIAL 5,184,076 130,170,520 897,281,376 461,616,510

O i l (barrels) N AT. G A S (MCF) F N R (USD) P V 1 0 (USD)

1) Price assumptions: Strip pricing August 2009 2) FNR = Future Net Revenue. Figures as at 1st July 2009

S U M M A R Y O F O I L A N D N A T U R A L G A S R E S E R V E S

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The challenges facing Activa - resulting from low natural gas pricing and its debt position - are surmountable. Management is working with its advisors to de-leverage the company and fund the development of its assets. Since the early part of the year oil pricing has improved and the capital markets are beginning to function more normally. This will help put Activa back onto its growth track. Looking at the company’s reserve base, Activa is ideally positioned with a balanced project portfolio to ride the next commodities cycle. Assuming oil and gas prices remain stable during the final quarter of the year Activa expects to generate USD 4.5 million in production revenues in 2009.

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JUN 30, 2009 JUN 30, 2009

SALES REVENUES 1,678,543 2,377,212 OTHER OPERATING INCOME 183,542 34,740

1,862,085 2,411,952

OPERATING EXPENSE

COST OF PRODUCTION -627.293 -829.720 PERSONNEL EXPENSES -460.930 -661.976 DEPRECIATION -872.416 -342.800 OTHER OPERATING EXPENSES -311.782 -718.296 -2,272,421 -2,552,792

OPERATING RESULT -410,336 -140,840

FINANCIAL RESULT -454,776 -446,305

TAXES ON INCOME AND EARNINGS 0 443.008

NET PROFIT / LOSS -865,112 -144,137

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 (Euro)

JUN 30, 2009 JUN 30, 2008

FIXED ASSETS

MINING RIGHTS, DRILLING AND DEVELOPMENT COSTS 14,900,875 12,567,178 PROPERTY AND EQUIPMENT 88,841 118,292 AT EQUITY AFFILIATE 0 17.014 14,989,716 12,702,484

DEFERRED TAXES 428,235 2,168,294

CURRENT ASSETS

ACCOUNTS RECEIVABLE 1,188,779 1,282,738

SECURITIES 2 2

OTHER CURRENT ASSETS 0 16,569 LIQUID ASSETS 315,528 1,036,804

1,504,309 2,336,113

TOTAL ASSETS 16,922,260 17,206,891

SHAREHOLDER’S EQUITY

CAPITAL STOCK 3,046,665 2,878,266 CAPITAL RESERVES 3,419,830 2,898,173 ANNUAL PROFIT/LOSS -865,112 -144,137

5.601,383 5,632,302

LONG-TERM LIABILITIES

FINANCIAL DEBT (BOND) 9,668,496 8,601,778

SHORT-TERM LIABILITIES

LIABILITIES FROM GOODS AND SERVICES 295,454 521,224 PROVISIONS 372,721 2,137,023 OTHER SHORT-TERM LIABILITIES 984,206 314,564

1,652,381 2,972,811

L I A B I L I T I E S A S S E T S

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