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LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Thursday reported more than three fold rise in its proved and probable oil reserves.
The company said that its oil reserves rose to 2.4 million barrels of oil from 646,280 at its assets at Pine Mills in East Texas and Permian Basin assets in West Texas, including the Mesquite asset.
Net proved reserves amount to 764,030 barrels of oil. Net reserves are defined as the portion of gross reserves attributable to Nostra Terra's interests after deducting all shrinkage, royalties, overriding royalties, and reversionary interests owned by outside parties.
The increase is primarily due to the successful drilling and development of existing Permian Basin assets during the first half of 2018, Nostra Terra said.
The company's total proved & probable future net income is now estimated at USD58.7 million.
Nostra Terra shares were flat at 2.40 pence each on Thursday afternoon.
