3rd Sep 2013 12:15
LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC Tuesday said it has made further progress with its collection of funds under the Richfield judgement.
Richfield Oil & Gas Company, a debtor of Nostra Terra, has been ordered to pay the firm in excess of USD1.5 million. Six Kansas leases belonging to Richfield will be sold at a public auction on September 12, with the net proceeds from the sale being applied to the balance of the judgement.
Nostra said three of the leases, including two producing wells and one saltwater disposal well were originally auctioned on June 27. However, it had decided to set aside the sales in order for the leases to be auctioned together with the three additional leases.
The company also has a lien, or right to keep property, on all of Richfield's real property assets in Utah, and last month Richfield announced it has increased its lease position from 10,562 acres to 15,375 acres.
"While Richfield has stated that they will 'vigorously defend against this foreclosure action,' the reality is that the foreclosure action has already progressed to judgment in favor of Nostra Terra. Nostra Terra will continue its vigorous effort to collect its judgment in full either through cash or assets," Nostra Terra Chief Executive Officer Matt Lofgran said in a statement.
Nostra shares were trading at 0.400 pence Tuesday afternoon, up 0.010 pence, or 2.6%.
By Anthony Tshibangu; [email protected];
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