AGM Statement

RNS Number : 0775I

Nostra Terra Oil & Gas Company PLC

28 June 2013

 



Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Annual General Meeting Statement

Nostra Terra, the AIM quoted oil and gas producer with a growing portfolio of horizontal and vertical drilling projects in the USA, announces that at the Annual General Meeting of the Company, to be held at 11.00 a.m. this morning, the Chief Executive, Matt Lofgran, will make the following comments:

"Last year we devoted management time and funds raised by the Company in building up our portfolio of assets, this is now bearing fruit. We had a terrific start to 2013 with better than expected production at Chisholm Trail enabling the Company to surpass the important milestone of break even on an operational basis. Progress continues at Chisholm Trail with additional wells being permitted, drilled, and additional leasing taking place. The Board considers our investment in Chisholm Trail to have been a great success and we look forward to this prospect producing further returns in the years ahead."

"A combination of initial findings and an increase in activity by other companies in the area, led us to increase our working interest in the Texas based High Plains prospect from an initial 5% to 6.5% and then 20%. Unlike with the Chisholm Trail prospect in Oklahoma, Texas' regulatory framework does not facilitate forced pooling, meaning the Company's working interest will constantly be 20%."

"On 1 February 2012, Nostra Terra began foreclosing on the secured loan note issued to the Company by Richfield Oil & Gas Company. We were pleased that the court awarded Nostra Terra a judgement against Richfield in excess of $1,500,000. Initial collection has begun, with $200,000 already received, and we will continue to aggressively pursue collection of the remainder of the judgement."

"We have achieved a lot in the past few months, including raising £750,000, that will be invested in the drilling of further wells at Chisholm Trail and leasing in the High Plains Prospect. Production has been increasing and we have a good portfolio of producing assets which we expect to expand rapidly this year."

"I would like to thank our shareholders for all their support and look forward to rewarding them with further good news as the year moves on."

For further information, visit www.ntog.co.uk or contact:

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

[e-mail]                                                       Telephone: [phone]

Shore Capital & Corporate Limited

(Nominated Adviser) 

Bidhi Bhoma / Toby Gibbs                                                Telephone: [phone]

XCAP Securities plc (Joint Broker)

Jon Belliss / Halimah Hussain                                         Telephone: [phone]

Lothbury Financial Services Limited

Gary Middleton / Michael Padley                                       Telephone: [phone]

 

END

 

 

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