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Chisholm Trail and Verde Update
Chisholm Trail and Verde Update.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9122W Nostra Terra Oil & Gas Company PLC 06 January 2014 \n \n\nAIM: NTOG\n6 January, 2014\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nOperations Update - Chisholm Trail and Verde\n \nNostra Terra, the AIM quoted oil and gas producer with its portfolio of producing assets in the USA, is pleased to provide an update on the Company's Verde prospect in Colorado and its Chisholm Trail prospect in Oklahoma.\n \n \nOperations Update\n \nIn Colorado, the tank battery for the Verde 3 (Holt) well has been installed and the well is now under continuous production. Nostra Terra has a 17.54% Working Interest (\"WI\") in the well, which is operated by Plainsmen Partners. Production averages will be provided once the rate of production stabilizes. \n \nThe CT8 (Jones1-25H) and the CT9 (Mel B 1-33H) wells, in the Hunton formation, underwent hydraulic fracturing (\"frac\") operations in December as previously forecasted. Both wells are now undergoing completion operations, including construction of tank batteries and putting the wells into production testing. Nostra Terra has a 2.00% WI and 7.375% WI in each well, respectively. \n \nThe CT11 (Bugg 1-5H) well, also in the Hunton Formation, is now drilling. Nostra Terra recently elected to participate in this well under a 3.53% WI, and completion is anticipated in Q1, 2014. There is potential for a minor adjustment in the WI and the Company will provide an update when the negotiations are finalized. \n \nFurther Chisholm Trail Wells Planned\n \nNostra Terra has elected to participate in the 12th well (Oswald 1-28H) in the Chisholm Trail prospect (CT12). The well is now permitted and is planned to be drilled to test the Mississippian formation in early 2014. Nostra Terra has a 1.59% WI in the well which will be operated by Alta Mesa.\n \nWard Petroleum has scheduled a pooling and spacing hearing for an additional horizontal Hunton well that is scheduled to take place in January 2014. Following Oklahoma Corporation Commission approval, it is anticipated that the well will be permitted and drilled as early as Q1, 2014. While the exact Working Interest has not been determined, it is anticipated that it will be Nostra Terra's largest WI to-date in Chisholm Trail.\n&nbs...