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Pine Mills Court Order in Favour of Nostra Terra
Pine Mills Court Order in Favour of Nostra Terra.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1432G Nostra Terra Oil & Gas Company PLC 24 May 2017 \n\n24 May 2017\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nPine Mills Court Order in Favour of Nostra Terra\n \nNostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, provides an update on the progress to secure the remaining 12.5% stake in the Pine Mills oil field through a non-appealable Court Judgement against Hammerhead Management Partners (\"Hammerhead\") (the \"Court Judgement\") that was inherited from GFP Texas, the previous majority owner. Successful completion of this process will take Nostra Terra's ownership of Pine Mills to a 100% Working Interest. \n \nOrder of Execution Signed\n \nAs previously announced on 26 January 2017, Nostra Terra inherited the Court Judgement, which ruled that Hammerhead owes two trade receivables, the first for approximately $425,322 and which is secured against the 12.5% Working Interest in Pine Mills, which Hammerhead held. Hammerhead is in default of this debt and Nostra Terra had initiated foreclosure proceedings. The second trade receivable is for $293,785 and is payable immediately.\n \nWith respect to the $425,322, the Company was informed yesterday by its Texas attorney that a Judge in Wood County has recently signed an Order of Execution, whereby the appointed Constable will now take formal possession of the 12.5% Working Interest in Pine Mills and it will shortly be put it up for sale. When the sale occurs Nostra Terra will have the choice of collecting the proceeds from the highest bidder or to use the Court Judgement of $426,322 to credit bid for the 12.5% Working Interest in Pine Mills. If there is a remaining balance outstanding of the non-appealable Court Judgement, Nostra Terra may continue recovery action for this sum as well as the $293,785 second trade receivable owed by Hammerhead. \n \nPine Mills Operations Update and Investor Conference Call\n \nNostra Terra is also pleased to announce that it will release an Operations Update concerning progress at Pine Mills on Wednesday 31 May 2017. Following this release, Nostra Terra will host an investor conference call to discuss the Company's strategy and recent news, followed by a Q&...