Nostra Terra issued with 1.3m-dollar loan note

AIM-listed oil and gas company Nostra Terra has been issued with a 1.3m-dollar loan secured loan note from Richfield.

AIM-listed oil and gas company Nostra Terra has been issued with a 1.3m-dollar loan secured loan note from Richfield.

The loan note, which has been accruing interest at 10% per annum from the date of issue and which matured on January 31st 2012, is secured against several producing leases located in Kansas and several non-producing leases located in Utah.

The company further reported that it had commenced legal proceedings in the Russell County, Kansas District Court, to enforce the note and foreclose on the collateral.

In addition to the unpaid balance of the note and interest, Nostra is seeking to recover its costs of collection, including lawyer's fees.

The company reported that it had filed a motion for partial summary judgment on its claims. The motion is set for a hearing on March 1st 2013.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: "We are happy to get to this stage. Funds recovered under the Note will be allocated to the drilling of further wells within our portfolio."

Nostra Terra's share price was down 1.80% to 0.54p at 10:34 on Tuesday.

MF

Recommended

Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Three hidden gems from Japan’s overlooked stockmarket
Share tips

Three hidden gems from Japan’s overlooked stockmarket

Professional investor Eiji Saito of JPMorgan’s Japan Small Cap Growth & Income fund picks three promising stocks from Japan's vibrant but under-resear…
13 Sep 2021
Share tips of the week – 10 September
Share tips

Share tips of the week – 10 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Sep 2021

Most Popular

Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021