Last checked at 18 Aug 2011 09:21
18 August 2011
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Operations Update - Vintage Hills and Nesbitt
Vintage Hills Prospect
Nostra Terra is pleased to announce that the workover of the initial well, as previously announced, in the Agnello #1 horizontal well within the Vintage Hills prospect unit located in the Giddings Field in Texas, has been completed and the well has been put back into production.
The well was experiencing intermittent plugging in the lateral section. A remedial workover was conducted, along with installation of a larger compressor.
Nostra Terra has a 1% working interest in the Vintage Hills Prospect Unit, located within the large Giddings Field in Texas, which is operated by New Century Exploration, Inc.
The Company will provide an update on 30-day production figures in the future.
Nesbitt Prospect
The initial well in the Nesbitt prospect is also moving towards completion. Production facilities are currently being built and completion operations being finalized on the prospect.
Nostra Terra has a 3% working interest in the Nesbitt Prospect Unit, located in the Woodlawn Field in Texas, which is also operated by New Century Exploration, Inc.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"We are happy to add production and income flow but our focus going forward is on larger deals that will have a bigger impact. Our current prospects are fully-funded and we have cash available for acquisitions. We are targeting additional acreage with a view to increasing both the size of the company and its revenues."
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO Telephone: +1 480 993 8933 (US)
mlofgran@ntog.co.uk
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.
Earlier this month the company announced the disposal of its first deal in Texas, a 2% interest in the redevelopment of the Austin Chalk well in Lee County which it acquired in June 2010. This well achieved payout in just 35 days and generated total net revenues of more than US$34,000 over the period of ownership as well as a small profit on disposal.
Nostra Terra's initial foray into the US was successful and has paved the way for much larger deals as shown by the last two acquisitions in Colorado and Oklahoma announced in the last two months.