Pine Mills Court Order in Favour of Nostra Terra
24 May 2017
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Pine Mills Court Order in Favour of Nostra Terra
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, provides an update on the progress to secure the remaining 12.5% stake in the Pine Mills oil field through a non-appealable Court Judgement against Hammerhead Management Partners ("Hammerhead") (the "Court Judgement") that was inherited from GFP Texas, the previous majority owner. Successful completion of this process will take Nostra Terra's ownership of Pine Mills to a 100% Working Interest.
Order of Execution Signed
As previously announced on 26 January 2017, Nostra Terra inherited the Court Judgement, which ruled that Hammerhead owes two trade receivables, the first for approximately $425,322 and which is secured against the 12.5% Working Interest in Pine Mills, which Hammerhead held. Hammerhead is in default of this debt and Nostra Terra had initiated foreclosure proceedings. The second trade receivable is for $293,785 and is payable immediately.
With respect to the $425,322, the Company was informed yesterday by its Texas attorney that a Judge in Wood County has recently signed an Order of Execution, whereby the appointed Constable will now take formal possession of the 12.5% Working Interest in Pine Mills and it will shortly be put it up for sale. When the sale occurs Nostra Terra will have the choice of collecting the proceeds from the highest bidder or to use the Court Judgement of $426,322 to credit bid for the 12.5% Working Interest in Pine Mills. If there is a remaining balance outstanding of the non-appealable Court Judgement, Nostra Terra may continue recovery action for this sum as well as the $293,785 second trade receivable owed by Hammerhead.
Pine Mills Operations Update and Investor Conference Call
Nostra Terra is also pleased to announce that it will release an Operations Update concerning progress at Pine Mills on Wednesday 31 May 2017. Following this release, Nostra Terra will host an investor conference call to discuss the Company's strategy and recent news, followed by a Q&A session with investors. Nostra Terra will provide details of how to participate in the conference call on the morning of the Operations Update.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"The process to recover the monies owed to Nostra Terra by Hammerhead has taken longer than initially expected, but the outcome has never been in doubt. We aim to secure the remaining 12.5% Working Interest in Pine Mills as quickly as we can, subject to the timing of legal proceedings.
The last few months have been an exceptionally busy period for Nostra Terra, as we continue to make excellent progress in growing the Company. Pursuing the Hammerhead Court Judgement has been one of a number of value-generative initiatives we have been working on, several of which appear to be reaching conclusion at roughly the same time. I look forward to updating shareholders over the coming weeks, with the results of our efforts."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk or contact:
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Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO
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+1 480 993 8933 |
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Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) |
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+44 (0) 20 7409 3494 |
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Rory Murphy / Ritchie Balmer |
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Smaller Company Capital Limited (Joint Broker) |
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+44 (0) 20 3651 2910 |
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Rupert Williams / Jeremy Woodgate |
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This information is provided by RNS
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