Advertisement

Nostra Terra receives initial 200k dollars from Richfield judgement

Nostra Terra, the AIM-listed oil and gas producer with a portfolio of assets in the USA, has received an initial 200,000 dollars following a legal ruling involving Richfield Oil & Gas.

Nostra Terra, the AIM-listed oil and gas producer with a portfolio of assets in the USA, has received an initial 200,000 dollars following a legal ruling involving Richfield Oil & Gas.

On April 14th 2011, Nostra Terra reported that Richfield Oil & Gas (formerly Hewitt Energy Group) had issued a $1.3m secured loan note to it which had been accruing interest at 10% per annum from the date of issue and which matured on January 31st 2012.

Advertisement - Article continues below

Nostra Terra said that the note had been secured against certain producing leases located in Kansas and certain non-producing leases located in Utah and Nostra Terra said it had been operating some of the producing leases in Kansas during the foreclosure process.

On April 2nd 2013, Nostra Terra reported that a judgment had been entered in favour of Nostra Terra on its claims against Richfield for approximately $1.5m, plus attorneys' fees and collection costs, for an amount still to be determined by the court.

In addition to the judgment against Richfield awarding Nostra Terra over $1.5m plus costs, the company said that the court ordered that certain production proceeds owed to Richfield by National Cooperative Refinery Association totalling approximately $215,000 be paid to Nostra, as part of the funds due to Nostra Terra under the judgment.

Nostra Terra said that a portion of the funds would be applied against operating expenses already incurred by it for operating the leases and added that the proceeds "have now been received".

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: "These funds collected from Richfield will go towards our drilling program where we anticipate increasing our production levels significantly this year."

Nostra Terra's share price was up 1.10% to 0.46p at 09:53 on Friday.

MF

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/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
Visit/investments/investment-strategy/600861/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
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
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
Visit/investments/stockmarkets/600634/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

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020