20% WI in Chisholm Trail has Spud

RNS Number : 8939D

Nostra Terra Oil & Gas Company PLC

03 April 2014

 



AIM: NTOG

3 April 2014

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Chisholm Trail Operations Update

Nostra Terra, the AIM quoted oil and gas producer with a growing portfolio of producing assets in the USA, is pleased to provide an update on the Company's Chisholm Trail Prospect in Oklahoma.

CT11 (Bugg 1-25H)

Hydraulic Fracturing Operations on the Bugg 1-25H well have been completed and the well is now producing.  Nostra Terra has a 3.55% Working Interest ("WI") in this well, which is operated by Payne Exploration.  Production rates will be announced once the rate of production has stabilized.

CT15 (Curly 1-26H)

Hydraulic fracturing operations on the Curly 1-26H well are now underway.  Nostra Terra has an 11.62% Working Interest in this well, which is operated by Husky Ventures.  

CT14 (Gant 1-22H)

The Gant 1-22H well has now spud and is being drilled.  The current drilling plan calls for a total depth of 11,750 feet with a true vertical depth at approximately 7,150 feet and a lateral of approximately 4,000 feet in length in the Hunton Limestone formation.  The well is operated by Ward Petroleum and Nostra Terra has a 20% Working Interest, its largest to date in the play.  

Nostra Terra's Chisholm Trail portfolio has varying size interests in 15 wells, 9 of which are producing with 6 in various stages of development, from permitting to fracking.  The majority of the wells are in the prolific Hunton Limestone formation, the remainder in the Mississippian. 

Well results have varied from 258 boepd to 555 boepd (based on a 10-day average during the initial 30 days of production). 

In addition to these interests, the Company has identified many other potential drilling locations at Chisolm Trail and additional wells are being planned and permitted by a number of operators.  Nostra Terra will update shareholders in its participation in these wells once elections are made.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"Wells in the Chisholm Trail prospect continue to exceed management's expectations.  We're very happy to see the progress on the three wells highlighted, especially the Curly and Gant where our working interest could have a significant impact on our production and cash flow in the near future". 

For further information, visit www.ntog.co.uk or contact:

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

[e-mail]                                               Telephone: [phone]

Northland Capital Partners Ltd

(Nominated Adviser) 

Matthew Johnson / Lauren Kettle                            Telephone: [phone]

Hume Capital Securities plc

(Broker)                             

Jon Belliss / Abigail Wayne                                     Telephone: [phone]

Lothbury Financial Services Ltd

Gary Middleton / Michael Padley                            Telephone: [phone]

 

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