Bale Creek - First Horizontal Well Spudded

RNS Number : 2144A

Nostra Terra Oil & Gas Company PLC

28 March 2012

 



AIM: NTOG

28 March 2012

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Bale Creek - First Horizontal Well Spudded

Nostra Terra, the AIM oil and gas producer with numerous horizontal drilling projects in the USA, is pleased to announce drilling has begun on the first horizontal well in the Bale Creek prospect, located in Oklahoma.  The Company has a 30% working interest in the Bale Creek prospect, operated by Pathfinder Development Capital, LLC ("Pathfinder").

The well is the first of seven potential horizontal well locations.  Drilling of the well is expected to be completed in approximately 30-days, followed by completion and initial production testing. 

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

"With the first horizontal well on Bale Creek underway and quickly following on from the news from Warrior, we have two horizontal wells being drilled at the same time.  We're happy to have the increasing amount of activity which we expect will  translate into shareholder value."

Alden McCall, Chief Operating Officer of Nostra Terra, added:

"The working interest partners have identified what we believe to be the most prospective of several potential objective horizons. The specialized sonic log has been integrated with our 3D seismic and we are now drilling, with the aim of completing the first of several horizontal wells with Pathfinder.  We anticipate that the horizontal drilling will cut up to 3500 feet of highly prospective reservoir rock. Completion of the well will follow very shortly and then we will go into production testing.

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.

Additional animated references are provided by the Oklahoma Energy Resources Board, an agency of the State of Oklahoma:

Seismic Survey Animation Link: http://www.oerb.com/Default.aspx?tabid=274 

Multi-stage Drilling Animation Link: http://www.oerb.com/Default.aspx?tabid=286 

Horizontal Drilling Animation Link: http://www.oerb.com/Default.aspx?tabid=242

Well Frac Animation Link: http://www.oerb.com/Default.aspx?tabid=245

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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