57% Uplift in Production

RNS Number : 8356B

Nostra Terra Oil & Gas Company PLC

10 March 2014

 



AIM: NTOG

10 March 2014

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

57% Uplift In Overall Production

Nostra Terra, the AIM quoted oil and gas producer with a growing portfolio of producing assets in the USA, is pleased to announce that the ninth horizontal well in the Chisholm Trail Prospect (CT9), located in Oklahoma, has exceeded the Board's expectations. The most recent ten days of production averaged 387 barrels of oil equivalent per day (BOEPD).  Nostra Terra owns a 7.38% working interest in this well which is operated by Husky Ventures Inc.

The CT9 (Mel B 1-33) well was successfully drilled to a total measured depth  of 12,045 feet, at a true vertical depth of approximately 7,300 feet with an estimated 4,200 foot lateral in the Hunton formation.

Nostra Terra's production from this well is approximately 28 boepd gross (approx. 22 boepd net).  In the most recent Quarterly Operations Update the Company's daily production rate stood at 60 boepd net to NTOG.  The addition of the production from this well and the recently announced CT7 & CT8 wells represents an approximate 57% increase in total daily production.

The Company now has interests in a total of 14 wells in the Chisholm Trail prospect.

Most Recent CT Wells - WIs are subject to change

Well	Well Name	Formation	Operator	Net WI	Status	10-day Average Production
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	2.92%	Producing	521
CT9	Mel B 1-33H	Hunton	Husky	7.375%	Producing	387
CT10	Katy 21-1H	Hunton	Gastar	1.875%	Permitted	-
CT11	Bugg 1-25H	Hunton	Payne	3.55%	Drilling	-
CT12	Oswald 1-27H	Mississippian	Alta Mesa	0.80%	Permitting	-
CT13	Foster 31-1H	Hunton	Gastar	2.00%	Permitting	-
CT14	Gant 1-22H	Hunton	Ward	20.00%	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 production from the Mel B 1-33H, Jones and LSEPMU wells represent an aggregate increase of approximately 57% in our total net production over our last announced daily rate.  Approximately 85% of the revenues from the Mel B 1-33H well are from oil currently selling at US$95 per barrel, while the remainder is a liquid rich gas selling at a significant premium to New York Henry Hub prices.  This is a great result and we still have plenty more wells in various stages from planning to drilling where we expect further significant increases to our net production and net cash flow."

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

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

[e-mail]                                               Telephone: [phone]

Shore Capital & Corporate Limited (Nominated Adviser) 

Bidhi Bhoma / Toby Gibbs                                       Telephone: [phone]

Hume Capital Securities plc (Broker)                             

Jon Belliss / Abigail Wayne                                     Telephone: [phone]

Lothbury Financial Services Limited

Gary Middleton / Michael Padley                            Telephone: [phone]

 

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