Nostra Terra Oil & Gas increases stake in High Plains

Nostra Terra Oil & Gas, the AIM-listed oil and gas producer, has exercised an opportunity to increase its working interest to 20% in the High Plains Prospect, located in Texas.

Nostra Terra Oil & Gas, the AIM-listed oil and gas producer, has exercised an opportunity to increase its working interest to 20% in the High Plains Prospect, located in Texas.

This has quadrupled the company's original holding and the company said that it is already engaged in the drilling of several wells in its Chisholm Trail Prospect, operated by Ward Petroleum and others.

Advertisement - Article continues below

The largest potential working interest in those wells is also 20% but through the forced pooling and election process unique to Oklahoma, the largest interest obtained so far has been 12.5%, with numerous smaller participations.

The High Plains Program covers a contiguous area of 42,000 acres (66 square miles), where subsurface mapping, 3D seismic, vertical and horizontal drilling and completion technologies have been applied to several different formations.

The group said that the working interest partners would seek to increase success rates through the application of a new proof of concept. The region was noted in the $2.85bn purchase of Cordillera Energy Partners by Apache Corporation in January, 2012, the company added.

Alden McCall, Chief Operating Officer of Nostra Terra, commented: "We were certainly excited about what we learned in the reentry of the previously drilled well which led to increasing our original working interest from 5% to 6.5%. Moreover, we knew that some potential existed to increase beyond that level. We have now been able to quadrupled our original working interest to 20% in the overall program, the maximum that was available."

Nostra Terra Oil & Gas' share price was up 4.04% to 0.52p at 08:55 on Friday.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
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
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

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


These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
EU Economy

Why a stronger euro is good news for investors

The fragile state of the eurozone has for a long time brought the threat of deflation. But the ECB’s latest moves have dampened those fears. John Step…
5 Jun 2020