Nostra Terra Regulatory News (NTOG)

14 Apr 2008 07:00

Nostra Terra Oil & Gas Company PLC14 April 2008 NTOG.L Nostra Terra Oil and Gas Company plc ("NTOG" or the "Company") www.ntog.co.uk Well #1 -Sale of Oil Commences Nostra Terra Oil and Gas plc is pleased to announce that Well #1, within theNeocomian reservoir, is producing oil in line with expectations as detailed inthe Company's RNS statement released on 12th February 2008. For March 2008, oil production from well #1 was 391 bbls whilst sales during themonth from accrued production from well #1 were 478.5 bbls of oil grossing$38,529, though currently the Company receives $31.69 per bbl net of sales taxand production royalties, approximately $15,164 for the month. These revenues will make a valuable contribution to the Company's operatingcosts within the Ukraine and underpins the progress being made in reopeningpreviously producing oil wells. Well #1 is free flowing and opened approximately every 36 hours, producing lightoil (.78 specific gravity). The production zone is at a depth of between 2,671and 2,733 metres. Further geophysical tests are underway to determine the potential that liftingequipment will add to the production. Brian Courtney, Chief Executive Officer, commented: "This is very encouraging news which confirms that historic forecasts for Well #1 were accurate and provides a great deal of optimism for the recently reopenedWell #24 and the commercial potential for our Oktyabrskoe license as a wholewhich covers 36 wells. We look forward to reporting further progress in duecourse". For further information, please contact: Nostra Terra Oil and Gas Brian Courtney 001-905-842-8543Company plc Chief Executive bcourtney@ntog.co.ukwww.ntog.co.uk Officer Stephen Oakes +44 (0)7867 528 108 Non-executive Director Blomfield Corporate Alan MacKenzie +44 (0)20 7512 0191Finance Limited Nick Harriss Biddicks Shane Dolan +44 (0)20 7448 1000 About NTOG www.ntog.co.uk NTOG is an oil production company listed on the London Stock Exchange (AIM): RICcode NTOG.L The Company was created to reopen previously oil producing wells within theUkraine's Oktyabrskoe oil field under licence via a Joint Activity Agreementwith NAK Nadra Krymgeologia, a subsidiary of NAK Nadra Ukrainiy, a state ownedUkrainian geological company. NTOG retains 88% interest before payout and a 60%interest after pay out. The Oktyabrskoe licence area contains 36 wells; the Company's strategy is toopen five wells initially and then assess subsequent opportunities. This information is provided by RNS The company news service from the London Stock Exchange