SpaceX IPO is the biggest IPO in stock market history. Join the conversation.Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksNostra Terra Regulatory News (NTOG)

  • There is currently no data for NTOG

Initial $200,000 Received from Judgement

24 May 2013 07:00

RNS Number : 4969F
Nostra Terra Oil & Gas Company PLC
24 May 2013
 



 

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

 

Initial $200,000 Received from Richfield Judgement

 

Further to the announcement on 4 March, Nostra Terra, the AIM quoted oil and gas producer with a portfolio of assets in the USA, is pleased to provide an update on the Richfield Oil & Gas Company ("Richfield") Note (as defined below).

 

On 14 April 2011 Richfield (formerly Hewitt Energy Group, Inc.) issued to the Company a US$1.3 million secured loan note (the "Note") which has been accruing interest at 10% per annum from the date of issue and which matured on 31 January 2012. The Note is secured against certain producing leases located in Kansas and certain non-producing leases located in Utah. Nostra Terra has been operating some of the producing leases in Kansas during the foreclosure process.

 

On 2 April 2013, a judgment was entered in favour of Nostra Terra on its claims against Richfield for approximately $1,500,000, plus attorneys' fees and collection costs, for an amount still to be determined by the court.

 

In addition to the judgment against Richfield awarding Nostra Terra over $1.5m plus costs, the court has ordered that certain production proceeds owed to Richfield by National Cooperative Refinery Association totaling approximately $215,000 be paid to Nostra, as part of the funds due to Nostra Terra under the judgment. A portion of the funds will be applied against operating expenses already incurred by Nostra Terra for operating the leases. Those proceeds have now been received.

 

Nostra Terra will continue collection of the Richfield judgment. Further updates will be made in due course.

 

 

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"These funds collected from Richfield will go towards our drilling program where we anticipate increasing our production levels significantly this year."

 

 

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) 207 408 4090

 

Alexander David Securities Ltd (Joint Broker)

David Scott / Bill Sharp Telephone: +44 (0) 207 448 9812

 

XCAP Securities plc (Joint Broker)

Jon Belliss / Halimah Hussain Telephone: +44 (0) 207 101 7070

 

Lothbury Financial Services Limited

Gary Middleton / Michael Padley Telephone: +44 (0) 203 440 7621

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAESLAEDDEEF
Date   Source Headline
3rd Mar 20217:00 amRNSOperations Update – Pine Mills
2nd Mar 20217:00 amRNSTotal Voting Rights
11th Feb 202111:06 amRNSSecond Price Monitoring Extn
11th Feb 202111:01 amRNSPrice Monitoring Extension
11th Feb 20219:06 amRNSSecond Price Monitoring Extn
11th Feb 20219:00 amRNSPrice Monitoring Extension
11th Feb 20217:00 amRNSOperations Update for Second Half 2020
4th Feb 20214:47 pmRNSHolding(s) in Company
4th Feb 20214:43 pmRNSHolding(s) in Company
4th Feb 20217:00 amRNSHolding(s) in Company
29th Jan 20213:20 pmRNSResult of Meeting
28th Jan 20217:00 amRNSCashflow Positive
26th Jan 20215:37 pmRNSIssue of Equity
25th Jan 20217:00 amRNSPine Mills – Production Rates
20th Jan 20215:04 pmRNSBlock Listing Application
15th Jan 20217:00 amRNSPine Mills –Well Completed and Producing
8th Jan 20214:53 pmRNSNotice of GM
8th Jan 20217:00 amRNSOversubscribed Fundraise
15th Dec 20207:00 amRNSPositive Oil Price Impact
24th Nov 20207:00 amRNSPine Mills – Operations Update
16th Nov 20207:00 amRNSPine Mills – Drilling Update & West Texas Update
10th Nov 20207:00 amRNSPine Mills – Drilling Update
5th Nov 20207:00 amRNSPine Mills – Operations Update
30th Oct 20201:32 pmRNSHalf-year Report
21st Oct 20207:00 amRNSOperations Update
19th Oct 202012:13 pmRNSResult of Meeting
19th Oct 20207:00 amRNSPine Mills – Operations Update
13th Oct 20207:00 amRNSChange of Adviser
9th Oct 20207:00 amRNSHolding(s) in Company
9th Oct 20207:00 amRNSHolding(s) in Company
8th Oct 20208:00 amRNSDrilling Rig Contracted for Pine Mills farm-in
7th Oct 20207:00 amRNSPermian Basin - Trade Article
29th Sep 20205:30 pmRNSAward of Options and Notice of General Meeting
25th Sep 202012:10 pmRNSOversubscribed Fundraise
21st Sep 20207:00 amRNSPermian Basin Farm-in Agreement
17th Sep 20208:30 amRNSPine Mills - Survey Completion & Drilling New Well
11th Sep 20207:00 amRNSCompletion of Acquisition and Interim Reporting
7th Sep 20207:00 amRNSHolding(s) in Company
2nd Sep 20207:00 amRNSAcquisition of Producing Assets & Issue of Shares
24th Jul 202012:15 pmRNSResult of Annual General Meeting
9th Jul 20207:00 amRNSHolding(s) in Company
2nd Jul 20209:45 amRNSNotice of AGM
1st Jul 20207:00 amRNS2019 Audited Annual Results
15th Jun 20207:00 amRNSUpdate on Pine Mills Farmout
8th Jun 20207:00 amRNSOperational and Corporate Update
3rd Jun 20204:42 pmRNSSecond Price Monitoring Extn
3rd Jun 20204:35 pmRNSPrice Monitoring Extension
13th May 202011:21 amRNSResult of General Meeting
22nd Apr 20207:55 amRNSHolding(s) in Company
22nd Apr 20207:00 amRNSPine Mills Farm-in

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.