7th May 2014 12:28
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC Wednesday said that, in line with previously announced increases in production, it has been able to draw down more of its USD25 million credit facility.
The AIM-quoted oil and gas producer with prospects in the US said its borrowing base from the facility has been increased to USD1.1 million from USD500,000, while the company also announced the collection of USD231,000 from Richfield Oil and Gas Co, the final payment to settle a previous legal dispute.
The company said stabilised production from its portfolio in Oklahoma, Kansas and Colorado has allowed it to increase the borrowing base much earlier than originally planned.
"The increase in the facility and the collection from Richfield gives us an additional USD831,000 to be used in the field to continue growing our portfolio," Chief Executive Officer Matt Lofgran said in a statement.
Nostra Terra shares were up 4.3% to 0.287 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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