Last checked at 10 Mar 2014 07:00
AIM: NTOG
10 March 2014
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
57% Uplift In Overall Production
Nostra Terra, the AIM quoted oil and gas producer with a growing portfolio of producing assets in the USA, is pleased to announce that the ninth horizontal well in the Chisholm Trail Prospect (CT9), located in Oklahoma, has exceeded the Board's expectations. The most recent ten days of production averaged 387 barrels of oil equivalent per day (BOEPD). Nostra Terra owns a 7.38% working interest in this well which is operated by Husky Ventures Inc.
The CT9 (Mel B 1-33) well was successfully drilled to a total measured depth of 12,045 feet, at a true vertical depth of approximately 7,300 feet with an estimated 4,200 foot lateral in the Hunton formation.
Nostra Terra's production from this well is approximately 28 boepd gross (approx. 22 boepd net). In the most recent Quarterly Operations Update the Company's daily production rate stood at 60 boepd net to NTOG. The addition of the production from this well and the recently announced CT7 & CT8 wells represents an approximate 57% increase in total daily production.
The Company now has interests in a total of 14 wells in the Chisholm Trail prospect.
Most Recent CT Wells - WIs are subject to change
Well | Well Name | Formation | Operator | Net WI | Status | 10-day Average Production |
CT6 | Tharp 2-26H | Mississippian | Alta Mesa | TBD |
On hold
|
- |
CT7 | LSEPMU 7-3H | Mississippian | Hinkle | 1.60% |
Producing
|
194 |
CT8 | Jones 1-5H | Hunton | Stephens | 2.92% | Producing |
521
|
CT9 | Mel B 1-33H | Hunton | Husky | 7.375% |
Producing
|
387 |
CT10 | Katy 21-1H | Hunton | Gastar | 1.875% | Permitted |
- |
CT11 | Bugg 1-25H | Hunton | Payne | 3.55% | Drilling |
- |
CT12 | Oswald 1-27H | Mississippian | Alta Mesa | 0.80% |
Permitting
|
- |
CT13 | Foster 31-1H | Hunton | Gastar | 2.00% |
Permitting
|
- |
CT14 | Gant 1-22H | Hunton | Ward | 20.00% |
Permitting
|
- |
Additional wells are being planned and permitted by a number of operators in Chisholm Trail. Nostra Terra will update shareholders of its participation in these wells once elections are made.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"The production from the Mel B 1-33H, Jones and LSEPMU wells represent an aggregate increase of approximately 57% in our total net production over our last announced daily rate. Approximately 85% of the revenues from the Mel B 1-33H well are from oil currently selling at US$95 per barrel, while the remainder is a liquid rich gas selling at a significant premium to New York Henry Hub prices. This is a great result and we still have plenty more wells in various stages from planning to drilling where we expect further significant increases to our net production and net cash flow."
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
mlofgran@ntog.co.uk Telephone: +1 480 993 8933
Shore Capital & Corporate Limited (Nominated Adviser)
Bidhi Bhoma / Toby Gibbs Telephone: +44 (0)20 7408 4090
Hume Capital Securities plc (Broker)
Jon Belliss / Abigail Wayne Telephone: +44 (0)20 3693 1470
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Telephone: +44 (0)20 3440 7620