Business
Bloom Reserves
Bloom Reserves.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n Nostra Terra Oil and Gas Company plc\n (\"Nostra Terra\", \"NTOG\" or the \"Company\")\n TIDM: NTOG\n\n Bloom Reserves\n\n2 November 2009\n\nNostra Terra is pleased to announce the results of the Bloom reserves report.\n\nThe Company's Bloom property and wells are located in the Chase-Silica Field.\nThis field has in the past produced over 280,000,000 barrels of oil since its\ndiscovery in 1930. Highlights of the recent reserve summary on the wells, in\nwhich NTOG has a 50% working interest, include:\n\n · 2,260,800 BBLS oil potential gross proved reserves (projected net\n attributable reserves to NTOG's working interest of 1,019,290 BBLS);\n · 1,096 MMCF gas potential gross proved reserves (projected net attributable\n reserves to NTOG's working interest of 494 MMCF);\n · the report excludes any probable and possible reserves; and\n · the present value of the property attributable to NTOG, at a 10% discount\n factor, is US$ 23,775,570 (based on oil @ US$70.00 per barrel and gas @ US$4.50\n per MCF).\n\n\"The results of the reserves report on the Bloom property more than double our\ncurrent reserve base while providing a great opportunity for cash flow for the\nCompany,' said Matt Lofgran, CEO of Nostra Terra. \"The increase in reserve base\nshould also provide the Company with a more diversified portfolio of production\nassets in the future.\"\n\nThe technical information in this announcement has been prepared and approved\nfor release by W. A. Alexander Jr. of W. A. Alexander, Jr. Oil & Gas Consulting.\nHe is a qualified person as defined in the Note for Mining and Oil & Gas\nCompanies, June 2009, of the London Stock Exchange.\n\nFurther announcements on progress at the properties will be made in due course\nand are available automatically by email to those who register at\nwww.ntog.co.uk.\n\nFor further information contact:\n\nNostra Terra Oil and Gas Company plc Tel: +1 480 993 8933\nMatt Lofgran, CEO\n\nBlomfield Corporate Finance Ltd Tel: +44 (0)20 7444 0800\nPeter Trevelyan-Clark/Ben Jeynes\n\nAlexander David Securities Ltd Tel: +44 (0)20 7448 9820\nDavid Scott/Nick Bealer\n\nENDS \n ","length":2496,"tagName":"div"}]