Business
Further re Richfield Judgment
Further re Richfield Judgment.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2188I Nostra Terra Oil & Gas Company PLC 01 July 2013 \n \n\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nFurther re Richfield Judgment \n \nNostra Terra (AIM: NTOG), the AIM quoted oil and gas producer with a growing portfolio of horizontal and vertical drilling projects in the USA, is pleased to announce progress on the collection of the Richfield Judgment, as described in the announcement of 24 May 2013. \n \nOn 27 June, 2013 certain of the assets securing the Note Richfield defaulted upon, resulting in a Judgment in favour of Nostra Terra, were sold at a Sheriff's foreclosure sale in Russell County, Kansas. Nostra Terra submitted the winning bids for the cumulative amount of US$165,000. \n \nThe assets are known locally as the Furthmyer #1 well (West), the Neidenthal #1 well (South), two producing oil wells, their associated production equipment, facilities and leases, along with a common Salt Water Disposal well, the Furthmyer #11. Current production on these leases averages approximately 6 barrels of production per day (gross).\n \nOnce the sale is confirmed by the Court the US$165,000 bid will be applied to reduce the balance of the outstanding Judgment granted in favor of Nostra Terra, which is currently in excess of US$1.5 million\n \nNostra Terra will continue to aggressively pursue collection of the remainder of the Richfield judgment. Further updates will be made in due course.\n \n \nMatt Lofgran, Chief Executive Officer of Nostra Terra, commented:\n\"We're delighted with this outcome. We've acquired producing assets, which we already operate, to add to our growing portfolio, increasing both cash flow and reserves.\"\n \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 & Corporate Limited (Nominated Adviser) \nBidhi B...