RNS Number : 9108U
Nostra Terra Oil & Gas Company PLC
03 January 2012
AIM: NTOG
3 January 2012
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the
"Company")
Second Acquisition of Interests in Oklahoma - Warrior
Prospect - Bale Creek Update
Nostra Terra, the AIM-quoted oil and gas producer with
projects in the USA, is pleased to announce that it has
entered into an agreement with Crown Energy Company Inc.
("Crown") to acquire a 10% working interest in the
Warrior Prospect, located in Oklahoma.
Highlights of the Warrior Prospect include:
· Shallow oil, with associated
liquids-rich natural gas;
· Extensive regional structural
mapping;
· Multi-pay potential from as many as
eight reservoirs within Ordovician up through Permian
formations; and
· Six potential horizontal drilling
locations.
The Warrior Prospect lies within a prolific oil system,
proven to produce from multiple, stacked-pay reservoirs.
Leasing, pooling and permitting of the initial well are
already complete. Drilling of the initial horizontal well is
anticipated to begin during the first half of 2012, along
with construction of all production and transmission
facilities. Up to five additional horizontal wells may be
drilled on the prospect in the future and tie into the
infrastructure that is being installed for the initial
well.
The development budget for the prospect, including
current acreage (800 acres), cost to drill and complete the
initial test well, and cost to drill and complete a salt
water disposal well if required, is $1,926,800, of which
Nostra Terra's estimated portion is
US$192,680.
Bale Creek Update
The seismic program, as outlined in the Company's
announcement of 8 November 2011 was successfully completed,
and an initial drill location selected. A drill rig has
now been secured and is scheduled to be on location in
January. The Company will make a further announcement in due
course.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"Nostra Terra is delighted to have entered into
this agreement with Crown, our second prospect in Oklahoma
within the last six months, as we look to expand our
operations significantly in the area. The acquisition is in
line with our stated strategy to step up the pace of our
growth; by building a diverse pipeline of assets in
established oil and gas plays where we can generate added
value and sustainable cash flow through disciplined cost
control and use of advanced technology."
Based in Oklahoma City, Crown has many years of
experience as an oil and gas operating and service company.
Along with its affiliated company, Basin Engineering, it
provides engineering and field services throughout the US on
behalf of oil and gas companies of all sizes, including BP,
Shell, Devon Energy, Chesapeake Energy and many
others.
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 9820
Lothbury Financial Services Limited
Gary Middleton / Michael
Padley
Telephone: +44 (0)20 7868 2010
Notes:
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.
In their last estimate at the beginning of 2000, the US
Energy Information Administration ("E.I.A").
projected Oklahoma's proved oil reserves at 610 million
barrels (MMBO). Oklahoma natural gas reserves in E.I.A.'s
last estimate on 1/1/2001 were about 14 trillion cubic feet
(TCF). Both estimates were based on a simple poll of the
State's thousands of oil and gas operators.
The oil produced is always a fraction of what is
present in a reservoir, and the oil that remains in
Oklahoma's mapped reservoirs is unlikely to be less than
42 billion barrels, and is likely to be much more. From 1901
through mid-2002, 14.5 billion barrels of oil and condensate
(natural gas liquids) and 90 trillion cubic feet (TCF) of
natural gas were produced and sold in Oklahoma (Oklahoma
Geological Survey website).
Announcements made by the Company are available
automatically by email to those who register at
www.ntog.co.uk.
This information is provided by RNS
The company news service from the London Stock
Exchange
END
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