News Column

Nostra Terra Reports Mixed Results From Chisholm Trail Wells

June 17, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Nostra Terra Oil and Gas Co PLC said estimated current revenues due to the company from its two horizontal wells in the Chisholm Trail Prospect in Oklahoma, combined are over USD45,000 a month, net of royalties.

The AIM-quoted oil and gas producer, which has a growing portfolio of producing assets in the US, said that the most recent 10 days of production at its CT15 well, in which it holds an 11.62% working interest, averaged 232 barrels of oil equivalent per day. It said production rates at the well, its third largest in its Chisholm Trail portfolio, exceeded management expectations.

At the CT11 well, however, it said production in the 10 day period averaged just 110 barrel of oil equivalents per day.

"Although still a commercial well, the initial production rates are below management's expectations," the company said in a statement.

The company also said that its CT14 well in the Chisholm Trail Prospect, in which its holds its largest 20% working interest, has been completed and has begun flowing back frac fluid, oil and gas.

"Additional wells continue to be 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," the company said.

Nostra Terra Oil and Gas shares were initially traded 0.7% higher after the open Tuesday, but have since fallen, now trading at 0.29 pence, down 6.5%.

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Source: Alliance News

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