24th Feb 2014 11:56
LONDON (Alliance News) - Nostra Terra Oil & Gas Company PLC Monday announced the results of further drilling operations in the Chisholm Trail in Oklahoma.
The AIM-quoted oil and gas producer with operations in the US said the Chisholm Trail 9 well was now in production after beeing successfully drilled to 12,045 feet, with an estimated 4,200 foot lateral space in the Hunton formation. Nostra Terra, which has a 7.38% working interest in the site, said average production rates will be announced once the rate of production has stabilised.
The company said Chisholm Trail 11 well, in which it has a 3.55% working interest, was successfully drilled to 11,800 feet with a 4,949 foot lateral in the Hunton formation, and said hydraulic fracturing operations are now underway.
Nostra Terra added that Chisholm Trail 10 well, with a 1.87% working interest, is now permitted to drill and is planned to be drilled to 12,335 feet with a lateral of 4,661 feet in the Hunton formation.
"We anticipate that the production from these wells will be a nice addition to our cash flow," Chief Executive Officer Matt Lofgran said in a statement. "We'll continue to reinvest those funds as quickly and prudently as possible to broaden our portfolio further."
Nostra Terra shares were down 0.3% to 0.299 pence Monday midday.
By Tom McIvor; [email protected]; @TomMcIvor1
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