29th Oct 2013 11:55
LONDON (Alliance News) - Nostra Terra Oil & Gas Company Tuesday said it expects production to increase 150% in 2013 after production improvements at two key wells.
The AIM-listed oil and gas exploration and production company, which has varying interests in a range of sites, some of which it operates, said it has seen a significant jump in production following the re-working of its 12.6%-owned Chisholm Trail 3 site in Oklahoma. Production rates at the site in the final 10 days of September were 471 barrels of oil equivalent per day on average, surpassing the original rate of 348 barrels of oil equivalent per day.
The company also said a fifth well at Chisholm Trail more than doubled the board's production expectation when it was put into production during this quarter with an average 448 barrels of oil equivalent per day.
Nostra Terra said it anticipates drilling multiple new wells using various operators during the fourth quarter, one of which will be drilled by Ward Petroleum where the company anticipates having a working interest of over 10%.
The company said its third Verde well in Colorado is currently undergoing production testing and Nostra Terra will provide production figures shortly.
Nostra Terra shares were up 2.8% to 0.391 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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