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LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Wednesday said it has agreed to sell its 20% stake in the Chisholm Trail prospect in Oklahoma for around USD2.1 million.
Nostra said it will sell the stake in the prospect, which is operated by Ward Petroleum Corp, to a privately-held, Oklahoma-based oil and gas company. The sale is expected to close by August 17.
Nostra said it plans to use the proceeds from the sale to buy working interests in other projects.
"We are very pleased to release meaningful value from Nostra's asset base at this time in the company's development. As a sizeable partner in the asset we were given the option to participate in the sale and have decided it's a great opportunity to re-deploy funds to assets where Nostra Terra will have a larger interest and more control of the pace of growth," said Chief Executive Matt Lofgran.
Nostra shares were up 20% to 3.14 pence on the news Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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