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LONDON (Alliance News) - Nostra Terra Oil & Gas PLC Thursday said its pretax loss widened in 2013 despite increased revenues during the period, as higher costs of sales and administrative expenses hit the company.
The AIM-quoted oil and gas producer with prospects in the US said its pretax loss widened to GBP1.6 million from GBP840,000 the previous year.
The company said its revenues more than doubled to GBP851,000 from GBP352,000 as the company benefited from its acquisition of a 20% interest in the Chisholm Trail prospect in Oklahoma.
Total production net to Nostra Terra almost tripled during the period to 17,673 barrels of oil equivalent from 6,268 barrels in 2012 as the Chisholm Trail provided 13,401 barrels of oil equivalent net to the company during the period.
However, Nostra Terra said its cost of sales increased to GBP1.3 million from GBP262,000 predominantly due to a depletion, depreciation and amortisation charge of GBP976,000, and administrative expenses increased to GBP1.1 million from GBP876,000.
The company said its strategy supports more rapid growth in 2014, and it has been building its operational capabilities so that it can take operational control of more of its own prospects in the future.
Nostra Terra shares were up 1.9% to 0.275 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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