Nostra Terra begins production on Oklahoma oil wells
Nostra Terra kicked off production at two oil wells in the Chisholm Trail Prospect in Oklahoma, the company said Tuesday.
Nostra Terra kicked off production at two oil wells in the Chisholm Trail Prospect in Oklahoma, the company said Tuesday.
The oil and gas producer said it had completed work on the third and fourth horizontal wells which are now producing.
The third and fourth wells are cleaning up, while recovering a mixture of fracking fluid, oil and gas during the process.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"I am pleased to announce that production has now commenced on what is, at the moment, our largest interest's in the Chisholm Trail prospect where we have a 12.58% and 5.31% interest," said Chief Executive Officer Matt Lofgran.
The company plans to acquire additional leases in the Chisholm Trail Prospect area. An announcement will be made after elections are received and made on further wells.
Alden McCall, Chief Operating Officer, said: "The wells are in the very early stages of production. As is our continuing philosophy, we will announce the production rate when a period of stability has been attained. Nostra Terra will continue investing with Ward Petroleum as the prospect develops, while seeking similar opportunities elsewhere."
Shares fell 0.95% to 0.53 at 9:52 Monday.
RD
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Review: The Store, Oxford – purveyors of excellence
MoneyWeek Travel The Store is a luxurious, new hotel in Oxford that has set up shop in a former department store in the heart of the city
By Chris Carter Published
-
Seven ways the Budget could hike inheritance tax or capital gains tax at death
Chancellor Rachel Reeves could target death taxes by raising IHT and/or levying CGT on inheritances. We look at some potential moves in the Autumn Budget
By Ruth Emery Published