Nostra Terra, the AIM quoted oil and gas producer with projects in the USA, is pleased to announce that the second horizontal well in the Chisholm Trail Prospect (CT2), located in Oklahoma, has exceeded the results of the first well by a substantial margin and exceeded the Board's initial expectations. The most recent ten days of production have averaged 555 barrels of oil equivalent per day (BOEPD); the first well averaged 258 BOEPD.
As with the first well, the second well is still in the process of being cleaned up and will continue to recover a mixture of fraccing fluid, oil and gas during this process. Oil and gas sales continue to be made from both Chisholm Trail wells.
In addition, hydraulic fracturing operations have now been completed on the third and fourth horizontal wells (CT3 and CT4), where Nostra Terra has a 12.58% and 5.31% working interest, respectively. It is anticipated that production testing will begin on both wells in the coming weeks.
The acquisition of new leases and new well permitting continues in the Chisholm Trail Prospect area. Once elections are received and made on further wells, the Company will make relevant announcements.
On the Company's Verde Prospect, where Nostra Terra owns a 16.25% working interest in the entire prospect, the first well continues to produce at around 50 bopd with minimal decline. The second vertical well continues to undergo testing and completion. At the same time, additional leases continue to be sought by the current partners in the Verde Prospect, in order to expand the acreage further.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"Chisholm Trail continues to be a strong prospect. We're in the early stages of our work here and anticipate further meaningful progress in the coming weeks and months. We are focused on delivering management's target of 125 boepd, net to NTOG shareholders and believe that Chisholm Trail, along with other prospects, will be a significant contributor towards that goal."
Alden McCall, Chief Operating Officer of Nostra Terra, added:
"We are certainly encouraged by the results of the first two wells. The wells are in the very early stages of production but the flow rates are very much in line with similar wells in the area. We fully expect them to be highly economic. We continue to enjoy our new relationship with Ward Petroleum, a company which is very active in opening this play and in other areas of Oklahoma and Colorado. Nostra Terra will continue investing with Ward Petroleum as the play develops, while seeking similar opportunities elsewhere."
Source: Nostra Terra
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today