Fourth Well Spud at Chisholm Trail
AIM: NTOG
29 October 2012
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Chisholm Trail - 4th Well Spudded & Operations Update
Nostra Terra, the AIM quoted oil and gas producer with projects in the USA, is pleased to announce that the fourth horizontal well has been spudded in the Chisholm Trail Prospect, located in Oklahoma. As announced on 25 October, the third well is also drilling while the first and second wells in the Chisholm Trail Prospect have both finished drilling. Completion operations are now underway on the first and second horizontal wells.
As with the third well, the fourth is expected to take approximately 30 days to drill, followed by completion and initial production testing. As is normal practice at Nostra Terra, production levels will be announce once each well has stabilized.
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 the Company will make relevant announcements on additional wells.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"I am delighted that our partners in the Chisholm Trail prospect have been moving so swiftly to drill and complete these prospects in Oklahoma. The initial results in the area justify the rapid progress and we look forward to delivering shareholders further updates on our interests"
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:
|
Chisholm Trail Drilling Activity (currently permitted wells) |
|
||
|
Well |
Working Interest |
Current Status |
Production (boepd) |
|
Chisholm Trail 1 (CT1) |
0.47% |
Completion underway |
(TBD) |
|
Chisholm Trail 2 (CT2) |
0.16% |
Completion underway |
(TBD) |
|
Chisholm Trail 3 (CT3) |
12.58% |
Drilling |
(TBD) |
|
Chisholm Trail 4 (CT4) |
5.31% |
Drilling |
(TBD) |
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.
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