24th Sep 2014 08:08
LONDON (Alliance News) - Nostra Terra Oil & Gas Company PLC Wednesday said it had raised GBP1.75 million before expenses through an oversubscribed share placing, money that will allow it to invest in further acquisitions and to develop existing assets including the recently-acquired White Buffalo prospect.
The placing with new and existing investors was conducted by Hume Capital Securities. It placed a total of 583.4 million shares at 0.3 pence each.
That weighed on its share price, which was down 10.6% at 0.313 pence Wednesday morning.
Nostra Terra now owns a full working interest and 80% net revenue interest in the White Buffalo potential fracking prospect in the Big Horn Basin in Wyoming. It bought the working interest in 6,100 net mineral acres for USD1.2 million from Ward Petroleum Corp earlier this month. It is now seeking to acquire additional leases in and around the area.
"We are keen to expand our presence further in the basin and this Placing better positions us for that while also allowing us to grow other areas of our portfolio," Chief Executive Matt Lofgran said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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