Business
Hoffman - Funded, Development Begins
Hoffman - Funded, Development Begins.
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\n Hoffman - Funded, Development Begins\n\n\n9 November 2009\n\nAIM Symbol: NTOG\n\nNostra Terra is pleased to announce the funding and commencement of fieldwork\nfor the Hoffman property.\n\nHewitt Petroleum, Inc (HPI), Nostra Terra's JV partner in the Hoffman property,\nhas notified Nostra Terra that HPI has now completed its funding so that it can\ncommence development of the Hoffman property. Within the next 10 business days,\nweather permitting, production operations will commence with two additional\nworkover rigs on the property. This is in addition to the existing rig at the\nBoxberger property.\n\nAs announced on 15 July 2009, the Hoffman property, located in Barton and\nRussell County, Kansas, consists of 5 wells to be placed into production (of\nwhich 2 are currently plugged) and 1 salt water disposal well. The property\nalso includes additional leased acreage allowing for new wells to be drilled at\na later date. Nostra Terra owns a maximum 25% working interest in the entire\nproperty*.\n\nThe estimated total project cost including acquisition and development is\nUS$1,600,000 of which 25 per cent is to be met by NTOG. NTOG has already paid\nUS$125,000 and expects to pay the final consideration of US$275,000.\n\n*If revenue is generated from production on the project prior to NTOG having\nmade the final consideration payment of US$275,000 for their interest, then the\nrevenue shall be adjusted on a prorate basis for the amount that NTOG has\nactually paid.\n\n\"It's exciting to begin operations on Hoffman. Having the second of our three\nfields being developed is a significant milestone for Nostra Terra,\" said Matt\nLofgran, CEO of Nostra Terra. \"The previously negotiated contract allowed for\nNostra Terra to have a large ownership, in a great field, on terms not available\ntoday. Altogether the Hoffman and Boxberger properties, in which the Company\nhas interests, entail the re-working of 17 wells.\"\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...