News blog
Nostra Terra Oil and Gas Company
- BY: Andrew Hore |
- POSTED: 18/05/2015 |
Nostra Terra Oil & Gas Company has acquired a 1% working interest in 35,000 acres in South Texas.
The acquisition of the stake in the San Miguel prospect follows the purchase of a 1% stake in 20,000 acres in Texas known as the Don Pedro prospect. There will be one well drilled on San Miguel every four months, the first well should be completed in one month, and a similar rate of drilling is expected on Don Pedro. There should be news of the first Don Pedro well in the near future.
The San Miguel and Don Pedro prospects have shallow oil targets with associated liquids-rich natural gas. The drilling will be financed by cash generated by existing operations. Drilling on the company’s interests in the Chisholm Trail prospect in Oklahoma has slowed since the decline in the oil price and Nostra Terra is holding back on drilling its 100%-owned White Buffalo prospect in Wyoming.
In the first quarter, Nostra Terra generated revenues of $447,000, following a 79% increase in production over the first quarter of 2014. These revenues are more than enough to cover cash overheads.
Last September, Nostra Terra raised £1.75m at 0.3p a share. This puts the company in a strong position to buy up attractive assets from companies that are in poor financial condition.
The current share price is 0.16p.
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