Nostra Terra starts proceedings against Richfield

Nostra Terra Oil and Gas, has commenced foreclosure proceedings against Richfield Oil & Gas Company, formerly Hewitt Petroleum, after Richfield failed to repay any of a loan agreed on April 14th, 2011.

Nostra Terra Oil and Gas, has commenced foreclosure proceedings against Richfield Oil & Gas Company, formerly Hewitt Petroleum, after Richfield failed to repay any of a loan agreed on April 14th, 2011.

Under the agreement, a $1.3m secured loan note, which has been accruing interest at 10% per annum from the date of issue, was due to be redeemed at the end of 2011. On January 6th 2012, Nostra granted Richfield an extension on the repayment date to January 31st 2012.

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