Last checked at 15 Aug 2011 07:00
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Operations Update - Verde Prospect
15 August 2011
Nostra Terra is pleased to announce that the initial well in the Verde Prospect in south-eastern Colorado, has been drilled ahead of schedule to a total vertical depth of 5,300 feet.
Indications of productivity in drilling samples and electric logs were positive and the well has been recommended for completion.
Production casing will be run to total depth, followed by completion in the most optimal zone(s). NTOG will provide the first 30-day production figures as soon as these are available.
NTOG has a 16.25% working interest (WI) in the Verde prospect. Following evaluation of testing and potential production of the initial well, two or three further development wells (PUDs) could be drilled, in which Nostra Terra also has the right to participate.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"We're pleased with the progress made on this well ahead of schedule and hope to see further positive results on this prospect. As a company, our current prospects are fully-funded, with additional cash on hand for further acquisitions, allowing us to continue to grow, regardless of the state of the global economy or markets."
The technical information within this announcement has been reviewed by Alden McCall, the Company's Chief Operating Officer, a Certified Petroleum Geologist and a member of the American Association of Petroleum Geologists and the Society of Petroleum Engineers.
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 (US)
Shore Capital and Corporate Limited
Andrew Raca / Toby Gibbs Telephone: +44 (0) 20 7408 4090
Alexander David Securities Ltd
David Scott / Bill Sharp Telephone: +44 (0)20 7448 9820
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Telephone: +44 (0)20 7868 2010
Notes to Editors:
Nostra Terra Oil and Gas Company is fully funded for all its projects in the US where it is extracting new oil from old fields using new technology and drilling techniques.
States such as Oklahoma have recently been going through a new oil and gas boom with the Energy Information Administration of the US Department of Energy estimating that Oklahoma alone has proved oil reserves of 610 million barrels of oil and 14 trillion cubic feet of natural gas.
According to the Colorado Office of Economic Development and International Trade, gross production value of oil and gas produced in Colorado is steadily increasing, from $2.7 billion in 2002 to an estimated $8.2 billion in 2005. This increase is a result of significant growth in both production volume and commodity price. Gas and/or oil production occurs in over 65% of Colorado's 64 counties, making Colorado one of only seven states that are net gas exporters.
Nostra Terra's initial foray into the US is proving successful and paving the way for much larger deals as shown by the last two acquisitions in Colorado and Oklahoma announced in the last two months.