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Nostra Terra Oil and Gas Company
- BY: Andrew Hore |
- POSTED: 29/08/2012 |
US focused oil and gas producer Nostra Terra Oil and Gas Company is acquiring a 20% working interest in the Chisholm Trail prospect in Oklahoma and this could become a significant oil producer for the company.
The area is more than 1,400 acres and it is known to have oil reservoirs. There are shallow oil targets and prospects suitable for horizontal drilling. Drilling on an initial well is planned by Ward Petroleum for later this year. There are additional interests in four additional wells where Nostra Terra has net working interests ranging from 1% to 10%.
Nostra Terra expects to spend $300,000 on leasehold activities and $720,000 on drilling.
Nostra Terra has other oil interests Kansas, Texas, Colorado and Oklahoma. A horizontal well has been drilled at Bale Creek in Oklahoma and the first stage has been fraced. A second well has also been drilled. Both wells have produced oil. A second well is planned on the Warrior prospect in Oklahoma, where Nostra Terra has a 10% working interest.
The first well on the Verde prospect in Colorado continues to produce oil. A second well will be drilled before the end of the year and it should produce similar results. Nostra Terra has a 16.25% working interest.
The share price fell 9% to 0.49p, which values Nostra Terra at £10.6m. There was £1.1m in the bank at the end of 2011.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2012_35.pdf
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