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.
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"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.
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