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
29th Sep 20172:30 pmRNSInterim Results
26th Sep 201711:00 amRNSHedging facility with BP Energy Company
6th Sep 20174:45 pmRNSCompletion of Settlement of Magnolia Shares
6th Sep 20177:00 amRNSFull ownership of Pine Mills & Increased Reserves
4th Sep 20177:00 amRNSUpdate on Settlement of Magnolia Shares
22nd Aug 20177:00 amRNSPine Mills Auction and Magnolia Update
31st Jul 20179:20 amRNSUpdate on Settlement of Magnolia Shares
28th Jul 201712:03 pmRNSApproval of 2016 Annual Report & Accounts
21st Jul 20171:35 pmRNSAward of Share Options
19th Jul 20174:30 pmRNSDirector dealing and TVR
14th Jul 20177:30 amRNSWithdrawal of Magnolia Petroleum plc Requisition
6th Jul 20179:33 amRNSUpdate on Acquisition of Interest in Magnolia
30th Jun 20175:36 pmRNSResult of AGM
30th Jun 20177:00 amRNSFinal results for the year ended 31 December 2016
21st Jun 201712:35 pmRNSInitial response to MAGP's announcement re EGM
15th Jun 20177:04 amRNSAgreement to acquire further 25% of East Ghazalat
9th Jun 20173:33 pmRNSMagnolia Petroleum plc General Meeting Requisition
6th Jun 20177:00 amRNSNotice of AGM
31st May 20177:00 amRNSPine Mills Update & Investor Conference Call
26th May 20171:15 pmRNSAcquisition of interest in Magnolia Petroleum plc
24th May 20173:10 pmRNSPine Mills Court Order in Favour of Nostra Terra
20th Apr 20179:50 amRNSCompletion of Live Market Bookbuild
19th Apr 20175:15 pmRNSIssue of Equity & Live Market Bookbuild
5th Apr 20177:00 amRNSTexas Assets Reserves Report
27th Feb 20175:30 pmRNSChange of Broker
23rd Feb 20177:00 amRNSSecond Permian Basin acquisition, Receipt of funds
20th Feb 20178:15 amRNSResponse to Comment on Social Media
7th Feb 20177:00 amRNSBoard Changes and Award of Warrants
26th Jan 20177:00 amRNSAdditional interest and Judgement in Pine Mills
23rd Jan 20179:15 amRNSPine Mills Operations Update
28th Dec 20167:00 amRNSPine Mills Reserves Report & Strategy Update
12th Dec 20167:00 amRNSOperational & Financing Update for Pine Mills
8th Dec 20167:00 amRNS$600,000 Additional Cash Received
29th Nov 20167:00 amRNSCompleted acquisition of 80% Working Interest
17th Nov 20163:45 pmRNSIRG's announcement re East Ghazalat
3rd Nov 20169:30 amRNSCompletion of Permian Basin Acquisition
1st Nov 20166:00 pmRNSHolding(s) in Company
14th Oct 201611:22 amRNSDirector Dealing
11th Oct 20169:55 amRNSDirector Dealing
30th Sep 20167:00 amRNSInterim Results
28th Sep 20167:00 amRNSSettlement of Loan Note
18th Aug 20167:28 amRNSCompletion of $2.1m sale of Chisholm Trail
18th Aug 20167:00 amRNSCompletion of £2.1m sale of Chisholm Trail
15th Aug 201612:30 pmRNSClarification on IRG's Release re East Ghazalat
28th Jul 201612:33 pmRNSApproval of 2015 Annual Report & Accounts
26th Jul 20167:00 amRNSSale of Chisholm Trail Prospect Update
14th Jul 20167:00 amRNSIssue of Equity
8th Jul 201610:57 amRNSSale of Chisholm Trail Prospect Update
30th Jun 20161:45 pmRNSFinal Results
30th Jun 20161:41 pmRNSResult of AGM

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.