29th May 2015 08:09
LONDON (Alliance News) - Nostra Terra Oil and Gas Co PLC on Friday reported a narrowed pretax loss in 2014, as revenue and net production increased and it continued with its expansion plans.
The company reported a pretax loss of GBP843,000 in 2014, halved from the GBP1.6 million loss made in 2013, as revenue rose 49% to GBP1.3 million from GBP851,000.
Nostra Terra said that it benefited from an increase in net production to 35,380 barrels of oil equivalent, double the 17,673 BOE produced the prior year.
Nostra Terra said that it added nine more producing wells in the year, making a total of 20 wells in production, and that it acquired interests in a further six wells, as well as acquiring the White Buffalo Prospect in Wyoming, adding a new state to its geographical footprint.
"This was a year of continuing success, despite the challenge presented by the sharp, and unexpected, fall in the price of oil in the fourth quarter. This hurt the entire sector, but Nostra Terra continued to post an increase in revenue thanks to the quality of the prospects we invest in. We retained a positive cash flow throughout the year as we reaped the rewards of building a solid platform of steady production revenue," Chief Executive Matt Lofgran said in a statement.
Nostra Terra added that it made its first acquisition in the Eagle Ford basin in South Texas since the period-end and will continue to look at further expansion opportunities throughout 2015.
Shares in Nostra Terra were trading up 7.9% at 0.178 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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