Business
Disposal
Disposal.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0653M Nostra Terra Oil & Gas Company PLC 10 August 2011 \n\nNostra Terra Oil and Gas Company plc\n \n(\"Nostra Terra\" or the \"Company\")\n \n200% return on sale of minority interest \n \n10 August 2011\n \nNostra Terra Oil and Gas Company plc (AIM: NTOG), an oil and gas producer with projects in the USA, announces that it has disposed of its 2% interest in the Austin Chalk re-entry well in Lee County, Texas, which it acquired from Sherpa Energy Resources LP in June 2010.\n \nThe Company paid US$17,800 for its share of the re-entry costs and has now sold this share for US$18,600. The initial flow rates from the newly drilled horizontal section were above expectations, with the well achieving payout in just 35 days and generating total net revenues for the Company of more than US$34,000 over the period of ownership. \n \nMatt Lofgran, CEO of Nostra Terra, said: \"We were pleased to accept this offer which represents a return of over 200% on our original investment. More importantly, this was a small but very significant step in our growth strategy. It clearly demonstrates the tremendous potential to win profitable new oil from old fields within the US using the latest drilling and well completion techniques. We are now focusing on acquiring larger interests in such plays, like those recently completed in Colorado and Oklahoma, where our interests are 16.25% and 30% respectively. \n \nFor further information, visit www.ntog.co.uk or contact:\n \nNostra Terra Oil and Gas Company plc \nMatt Lofgran, CEO \[email protected] Telephone: +1 480 993 8933 \n \nShore Capital and Corporate Limited \nAndrew Raca / Toby Gibbs Telephone: +44 (0) 20 7408 4090\n \nAlexander David Securities Ltd \nDavid Scott / Bill Sharp Telephone: +44 (0)20 7448 9820 \n \nLothbury Financial Services Limited \nGary Middleton / Michael Padley Telephone: +44 (0)20 7868 2010\n \nNotes to Editors:\n \nNostra Terra Oil and Gas Company is fully funded for all its projects in the US where it is extracting new oil from old fields using new technology and drilling techniques.\n \nStates such as Oklahoma have recently been going through a new oil and gas boom with the Energy Information Administration of the US Department of Energy estimating ...