Bale Creek Drilling Plan Accelerated

RNS Number : 3448B

Nostra Terra Oil & Gas Company PLC

16 April 2012

 



AIM: NTOG

16 April 2012

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Bale Creek - Drilling Plan Update

Nostra Terra, the AIM oil and gas producer with projects in the USA, is pleased to announce that the drilling plan in the Bale Creek prospect has been accelerated.  The Company has a 30% working interest in the Bale Creek prospect, located in Oklahoma.

A decision has been made to accelerate the drilling of the horizontal wells in Phase I.  The three horizontal well locations in Phase I have already been spaced and pooled.  While the first horizontal well is being drilled, the pad for the next horizontal well is being constructed and the rig contract has been extended, such that the rig will remain on the lease for the second horizontal well, where drilling will commence immediately following completion of the prior well.

Following Phase I, there are four additional potential horizontal well locations in Phase II.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"Things are really picking up here.  The back to back well drilling programme not only saves money but, more importantly, should allow us to bring on production much more quickly."

Nostra Terra will make further announcements as the operations progress.

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]

Alexander David Securities Ltd

David Scott / Bill Sharp                                                     Telephone: [phone]

Lothbury Financial Services Limited

Gary Middleton / Michael Padley                                       Telephone: [phone]

Notes:

Highlights of the Bale Creek prospect include:

·     Shallow oil, with associated liquids-rich natural gas

·     Extensive regional structural mapping

·     Multi-pay potential from as many as 8 reservoirs, from the Ordovician up through Permian-aged rocks

·     2-D and 3D Seismic to pinpoint locations and steer the horizontal well paths;

·     The area covers a contiguous area of over 3,500 acres and is located in a very prolific oil system

·     Up to seven potential horizontal well locations have been identified.

Nostra Terra owns a 30% WI in the Bale Creek prospect, operated by Pathfinder Development Capital, LLC.

Announcements made by the Company are available automatically by email to those who register at www.ntog.co.uk.

 

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