Share Option Issue and Confirmation of Change o...

Nostra Terra Oil and Gas Company plc
                            ('NTOG' or the 'Company')

            Share Option Issue and Confirmation of Change of Year End

1 February 2008

At a meeting of the Company's Executive Remuneration Committee (the `Committee')
held on 30 January 2008, the Committee approved the award of options (`Options')
under  the  Company's  Directors  and  Employee  Option  Scheme  in  respect  of
performance during 2008. It was resolved that:

   1) All Options will be issued with an exercise price of 2 pence;
   2) All  Options will be awarded at the end of 2008 dependant on performance  with
      the  exception of Yura Zvenigordski where the award is to be over a period of  3
      years;
   3) All  Options  are to remain exercisable for a period of 7 years from  vesting; and
   4) All Options would vest on a change of control.

It  was  resolved that all Directors of the Company be awarded 2,000,000 Options
each  in respect of the satisfactory fiduciary and regulatory management of  the
Company  with performance to be measured through the retention of their services
by the Company as at 31 December 2008.

It  was also resolved that the executive management of the Company, being  Brian
Courtney, Glenn MacNeil and Neville Desmond Smith (who are all also directors of
the  Company) be awarded up to a further 4,000,000 Options each in  relation  to
operational management achievement. Performance to be measured by the opening of
Wells  24  and  10  with control of Well 1 to be returned  to  the  Company  and
production of oil from such wells to have reached minimum targets for vesting as
follows:

     (i)       100 boepd  to achieve 1,000,000 Options
     (ii)      115 boepd to achieve 2,000,000 Options
     (iii)     135 boepd to achieve 3,000,000 Options
     (iv)      145 boepd to achieve 4,000,000 Options

Oleg  Rodkin,  who carries on the function of Managing Director  Ukraine,    has
been  awarded  up to a maximum of 4,000,000 options in relation  to  operational
management  achievement. Performance to be measured by the opening of  Wells  24
and  10  with control of Well 1 to be returned to the Company and production  of
oil from such wells to have reached minimum targets for vesting as follows:

     (v)       100 boepd  to achieve 1,000,000 Options
     (vi)      115 boepd to achieve 2,000,000 Options
     (vii)     135 boepd to achieve 3,000,000 Options
     (viii)    145 boepd to achieve 4,000,000 Options

Yura  Zvenigordski,  who  carries on the function of Managing  Director  Crimean
Operations,  has been awarded 3,600,000 options to secure retention of  services
and  performance of management responsibilities. Such options to vest  in  equal
tranches  at  the  end of 2008, 2009 and 2010 respectively.  Performance  to  be
measured  through  satisfactory  completion of  internal  annual  appraisal  and
retention of services by the Company at the vesting date.

As  per  the Company's intention stated in its admission document dated 25  June
2007, the Company has changed its year end from 31 January to 31 December.


For further information contact:

Nostra Terra Oil and Gas Company plc
Brian Courtney, Chief Executive Officer        [e-mail]
Stephen Oakes, Non-executive Director          Tel: [phone]


Blomfield Corporate Finance Limited            Tel: [phone]
Alan MacKenzie
Ben Jeynes