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Company Nostra Terra Oil & Gas Company PLC
TIDM NTOG
Headline

Break Even Surpassed

Released 07:00 25-Feb-2013
Number 5395Y07

RNS Number : 5395Y
Nostra Terra Oil & Gas Company PLC
25 February 2013
 



AIM: NTOG

25 February 2013

 

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

 

Significant Milestone - Break Even Surpassed

 

Nostra Terra, the AIM quoted oil and gas producer with projects in the USA, announces that the greater than expected production from its wells in the Chisholm Trail prospect, combined with production from the rest of the Company's portfolio, has allowed it to surpass break-even in January 2013.

 

Following additional production from recent wells, the Company's anticipated monthly revenues for January 2013 are expected to be c. US$110,000 (net of royalties), more than double the November 2012 figure.

 

The first four Chisholm Trail wells were all successful producers exceeding the Board's expectations and represent an aggregate Working Interest ("WI") of 18.52%. The acquisition of new leases and new well permitting continues in the Chisholm Trail Prospect area. The Company is approximately a third of the way through the program and the Board anticipates that Nostra Terra could have an equal or greater aggregate WI in upcoming Chisholm Trail wells. These have the potential to materially enhance the Company's current production. The final WI percentage will not be known until all elections have been finalised.

 

 

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"With our operating overheads now comfortably covered by production, free cash flow will be applied to the leasing and drilling of new wells. Several wells are planned for 2013 within Chisholm Trail as well as in other prospects. We will continue to minimise overheads and remain focused on growing our production throughout the year. As we are approaching our initial target of 125 boepd net to NTOG we are now turning our attention to our next target of 250 boepd."

 

For further information, visit www.ntog.co.uk or contact:

 

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

mlofgran@ntog.co.uk                                                       Telephone: +1 480 993 8933

 

Shore Capital & Corporate Limited (Nominated Adviser) 

Bidhi Bhoma / Toby Gibbs                                                Telephone: +44 (0)20 7408 4090

 

Alexander David Securities Ltd (Joint Broker)

David Scott / Bill Sharp                                                     Telephone: +44 (0)20 7448 9812

 

XCAP Securities plc (Joint Broker)

Jon Belliss / Halimah Hussain                                          Telephone: +44 (0)20 7101 7070

 

Lothbury Financial Services Limited

Gary Middleton / Michael Padley                                       Telephone: +44 (0)20 3440 7620

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Break Even Surpassed - RNS