AGM Statement

RNS Number : 9357J

Nostra Terra Oil & Gas Company PLC

18 June 2014

 

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 exploration and production assets in the USA, announces thatat the Annual General Meeting of the Company, held at 11.00 a.m. this morning, all resolutions were duly passed.

The Chief Executive, Matt Lofgran, made the following comments:

"In the last year, our production portfolio has gone from strength to strength, but this has not been reflected in our share price, a situation shared by a number of our peers and I would like to state that this has been as frustrating to the Board as it has been to investors.  Although it is much nicer to see your efforts translated into a higher valuation for your Company we have not let it distract us from building an excellent portfolio, a foundation from which we can now take larger steps to grow Nostra Terra.

We've been involved in a number of prospects and will continue to do so.  Our objective is to acquire assets with minimum initial risk with large potential upside.  If the assets prove up then we will focus more of our funds in these areas, while limiting exposure to the prospects that don't provide as good of a return.  This strategy was proven when the work to increase production levels at Chisholm Trail that took place in 2013 allowed us to secure a credit facility on advantageous terms from Texas Capital Bank, a strong institution in the industry.  This facility, along with free cash flow from production, has allowed us to fund further growth without the need to issue additional shares. 

While we are very pleased with the progress seen at Chisholm Trail, the Board has also been very busy investigating opportunities of a similar nature where we can quickly add production and cash flow.  This process continues and I look forward to updating shareholders in due course.

The large amount and quality of data covering High Plains in Texas is also keeping us occupied and as I mentioned in the full year results, the dependable revenue streams from Chisholm Trail mean we are in a more comfortable position to enter these higher-risk opportunities.  In addition, we continue to actively pursue other assets that would provide the transition to operating more of our own prospects.

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

18^th June 2014

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

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

[e-mail]                                               Telephone: [phone]

Northland Capital Partners Ltd (Nominated Adviser) 

Matthew Johnson / Lauren Kettle                            Telephone: [phone] 

Hume Capital Securities plc (Broker)                             

Jon Belliss / Abigail Wayne                                    Telephone: [phone] 

Lothbury Financial Services Limited

Gary Middleton / Michael Padley                            Telephone: [phone]

 

END

 

 

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