22nd May 2018 13:32
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Tuesday said it hit monthly revenue record as average daily oil production continued to increase.
The oil & gas company said revenue from its US assets in four months to the end of April totalled USD756,884 of which USD235,347 was generated in April. This was a new monthly record, the company said.
Production at the Pine Mills oil field in Texas has continued to improve, Nostra Terra said. Average gross production in January was 109 barrels of oil per day, while in February production grew to 114 barrels.
The company noted that it faced weather-related challenges which led to preventive shut-ins of field for several days due to heavy rain.
Daily production at Pine Mills during March averaged 129 barrels, while in April it increased slightly to 130 barrels.
Looking ahead, the company said it aims to increase production further over the coming months.
Meanwhile at its Permian Basin assets the Twin Well, in Mitchell County, US, continues to perform at the upper end of expectations with total daily oil production of 62 barrels during April.
"We're excited to see Pine Mills hit a new monthly record for revenue, and also reach a new record for daily oil production," said Chief Executive Matt Lofgran.
"Overall oil production across Nostra Terra's US portfolio of assets remains robust and we look to grow it further," Lofgran added.
Shares in Nostra Terra were trading 1.2% higher at 4.28 pence each on Tuesday.
Related Shares:
Nostra Terra