Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

OBR: UK house prices could fall by 12% next year
House prices

OBR: UK house prices could fall by 12% next year

The Office for Budget Responsibility says UK house prices could fall by as much as 12% next year. John Stepek looks at how likely that is.
14 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020
We’re spending more than at any time since World War II – how will we pay it back?
UK Economy

We’re spending more than at any time since World War II – how will we pay it back?

With the UK spending vast sums on stimulus measures, this year’s budget deficit will be greater than at any time since World War II. The big question,…
14 Jul 2020