Last checked at 13 Feb 2014 07:00
AIM: NTOG
13 February 2014
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Production Results from New Wells
Nostra Terra, the AIM quoted oil and gas producer with assets in the USA, is pleased to announce production results from two additional wells; the eighth horizontal well in the Chisholm Trail Prospect (CT8), located in Oklahoma, and the third in the Verde Prospect (V3), located in Colorado.
The Jones 1-5H well (CT8) has exceeded the Board's expectations by a substantial margin, with the most recent ten days of production having averaged 521 barrels of oil equivalent per day ("BOEPD"). The well was successfully drilled to a total depth ("TD") of 11,773 feet, at a true vertical depth ("TVD") of 6,747 feet with a 4,428 foot lateral in the Hunton formation. Nostra Terra has a 2.00% Working Interest ("WI") in the well which is operated by Stephens Production Company.
The Holt 1 well (V3) is a commercial producer where production has now stabilized at 12 barrels of oil per day ("BOPD"). The well was successfully drilled to a TD of 4,792 feet. Nostra Terra has a 17.54% WI in the well which is operated by Plainsmen Partners, LLC.
Elsewhere at the Chisholm Trail Prospect Nostra Terra's WI in CT11 (Bugg1-25H) has increased from 3.53% to 3.55%. The Company's WI in CT12 (Oswald 1-27H) has decreased from 1.59% to 0.80% due to the size of the unit increasing from 320 acres to 640 acres.
Chisholm Trail Interests
WIs are subject to change
Well | Well Name | Formation | Operator | Net WI | Status | 10-Day Average (Boepd) |
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 | 2.00% | Producing |
521
|
CT9 | Mel B 1-33H | Hunton | Husky | 7.375% |
Putting into production
|
- |
CT10 | Katy 21-1H | Hunton | Gastar | 1.875% | In planning |
- |
CT11 | Bugg 1-25H | Hunton | Payne | 3.55% |
Drilling
|
- |
CT12 | Oswald 1-27H | Mississippian | Alta Mesa | 0.8% |
Permitting
|
- |
CT13 | Foster 31-1H | Hunton | Gastar | 2.00% |
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 Chisholm Trail Prospect continues to produce excellent results, validating our decision to concentrate most of our resources to it. The benefit of our early decision to concentrate on this prospect is becoming apparent as we see the costs of later entrants rise substantially."
"Nostra Terra's portfolio of wells in the Chisholm Trail Prospect includes 7 wells which are in commercial production, 5 wells in various stages of election to production, and with more wells anticipated beyond these, we expect a significant increase in net production over the coming weeks and months."
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
XCAP Securities plc (Broker)
Jon Belliss Telephone: +44 (0)20 7101 7070
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Telephone: +44 (0)20 3440 7620