Nostra Terra Oil and Gas Company plc is a fast-growing exploration and production company focused on emerging plays within established hydrocarbon regions of the United States.
During the last two years, Nostra Terra has acquired interests in Kansas, Texas, Colorado and Oklahoma, and the company will continue to expand and upgrade its portfolio by identifying, screening and investing in a diverse pipeline of upstream assets in these areas. Working interests will vary, ranging up to 100% in some cases, and will include both operated and non-operated projects. The company is especially focused on pursuing projects where added value and strong cash flows can be generated through the use of advanced technology combined with disciplined cost control.
Nostra Terra Oil & Gas raise £2 mln for a step up in activity
Nostra Terra Oil & Gas (LON:NTOG) has raised £2 million through a share placing.
It is issuing 333.33 new million shares priced at 0.6 pence each. As a result of the placing the number of issued shares will increase by 20.7 percent.
“Nostra Terra is delighted to have secured the support of both retail and institutional investors for its strategy of acquiring a diverse pipeline of assets in established oil and gas plays,” said chief executive Matt Lofgran.
“This fundraising allows us to step up the pace in our activities".
Nostra chairman Sir Adrian Blennerhassett participated in the placing, buying 500,000 shares.
It has been a busy few weeks for Nostra as it has added two new projects to its portfolio.
On Monday it revealed a deal with Pathfinder Developments to buy a 30 percent stake in Bale Creek, an area prospective for oil and liquid-rich gas, which covers 3,500 acres of northern Oklahoma. The deal sees Nostra paying an initial US$201,810 towards the pre-drilling costs of the project.
Before that, on June 20 Nostratold investors that it was acquiring a 16.25 percent working interest in the Verde prospect in south-eastern Colorado, after it struck a deal with operator Plainsmen Partners, which is sinking an initial test well to 5,300 feet to target Mississippian formation at a total cost of US$1.1 million.
Nostra’s strategy is to use horizontal drilling techniques in existing oil plays in the US, which have been used offshore and in Alaska for decades.