First Chisholm Trail Well Producing
AIM: NTOG
12 November 2012
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Chisholm Trail Update - First Well Producing
Nostra Terra, the AIM quoted oil and gas producer with projects in the USA, is pleased to announce that the first horizontal well in the Chisholm Trail Prospect (CT1) where Nostra Terra has a 0.47% working interest, located in Oklahoma, has been completed and is undergoing production testing.
The well is recovering a mixture of oil and frac fluid, and oil sales have begun. Once the well flows back (recovers water) from the hydraulic frac and production levels begin to stabilise, production rates will be announced.
Completion operations have begun on the second horizontal well (CT2) which is currently undergoing hydraulic fracturing. The third and fourth horizontal wells (CT3 and CT4) are drilling according to schedule. Based on the current progress, it is anticipated that the first four wells will be producing by the year end.
Additional wells are in the process of being planned and permitted, and a leasing program focused in the area is also ongoing. Once elections are received and made on the following wells, the Company will make relevant announcements.
|
Chisholm Trail Drilling Activity (currently permitted wells) |
|
||
|
Well |
Working Interest |
Current Status |
Production (boepd) |
|
Chisholm Trail 1 (CT1) |
0.47% |
Producing |
(TBD) |
|
Chisholm Trail 2 (CT2) |
0.16% |
Completing |
(TBD) |
|
Chisholm Trail 3 (CT3) |
12.58% |
Drilling |
(TBD) |
|
Chisholm Trail 4 (CT4) |
5.31% |
Drilling |
(TBD) |
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"I am pleased to be able to announce the successful completion of our first well at Chisholm Trail in such a short period of time. As is common practice with Nostra Terra, we will announce production levels in the near future, following the initial flush of frac fluid and oil. Chisholm Trail is developing quickly into a portfolio of wells within our greater portfolio. We look forward to updating the progress of these initial four wells and any other wells that are being planned and permitted."
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
Alexander David Securities Ltd
David Scott / Bill Sharp Telephone: +44 (0)20 7448 9812
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Telephone: +44 (0)20 3440 7620
Notes:
In September 2012, Nostra Terra entered into an agreement with Ward Petroleum for the Chisholm Trail Prospect, a multi-well horizontal drilling project in Oklahoma. The prospect area is large in size and a leasing program is on-going. Nearby drilling has resulted in several wells that produce in excess of 200boepd after the first 30 days of "flush" production. Nostra Terra owns a 20% interest in this active program within which working interests in the individual wells vary. Based on results from neighbouring wells, we anticipate this prospect also has the potential to deliver rapid payouts with continued strong production levels.
Ward Petroleum Corporation, based in Enid Oklahoma, was founded in 1963 by Lew Ward, its Chairman. Mr. Ward is a past-President of the Independent Producers Association of America (IPAA) and is a respected member of the oil producers' community of the United States. Among its industry honours, Ward Petroleum has been listed in the top 100 fastest growing American companies by Inc. magazine, and has been named a "Blue Chip Enterprise" by Nations Business magazine. Since its founding, Ward Petroleum has drilled more than 800 wells in the Anadarko and Arkoma Basins, some as deep as 22,000 feet. Ward Petroleum operates nearly 350 wells in Oklahoma throughout both basins.
Oklahoma is the fifth largest producing state in the United States in crude oil production. Despite its long history, it still produces about one quarter of the peak rate that was reached in 1927. The state was the birthplace for such commonly recognized corporate names as Halliburton, ConocoPhillips and J. Paul Getty.
This information is provided by RNS
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