Nostra Terra raises £1.75 million to advance White Buffalo
Nostra Terra has announced that Hume Capital Securities plc has raised £1.75 million before expenses, through an oversubscribed placing of over 580 million new ordinary shares.
The funds raised will enable Nostra Terra to invest in further acquisitions and develop its existing assets, including the recently acquired White Buffalo Prospect.
White Buffalo Prospect
Following its acquisition of the White Buffalo Prospect, Nostra Terra now holds a 100% working interest in the assets located in the Big Horn Basin, Wyoming US. The company directors are excited about Nostra Terra's entry to the Big Horn Basin, which is a prolific oil and gas basin with large established producers including Marathon Oil, Devon Energy, and SM Energy among others.
Recent industry activity in the immediate vicinity helps validate the significant oil and gas potential of the region, and NostraTerra's newly acquired assets.
The White Buffalo Prospect currently covers approximately 6100 net mineral acres and is operated by Nostra Terra. With this acquisition, Nostra Terra has become the operator of significant assets and will have much greater control of its costs and timelines.
The company is currently seeking to acquire additional leases in and around the area to enhance its position further while moving forward to permit multiple drilling locations in anticipation of drilling its initial test well.
Big Horn Basin
The Cottonwood Creek Field is the largest producing field in the Big Horn Basin, having produced 60 million barrels of oil and 67 billion ft3 of gas. The primary objective for Nostra Terra in the White Buffalo Prospect, which is close the Cottonwood Creek, is the Phosphoria Formation.
According to an independent review by Haas Petroleum Engineering Services, Inc. the total recoverable potential from the Phosphoria formation, from the company's current leasehold of 6100 acres, is up to 13 million barrels of oil.
Comments
Matt Lofgran, CEO of Nostra Terra, commented: "We're very excited about our recent acquisition of the White Buffalo Prospect where we own a 100% working interest. The acquisition fits all the criteria we were looking for, including; being in an existing prolific basin, in a conventional (oil-prone) reservoir where the application of modern technologies can have a large impact, being the operator and owning a substantial working interest. We are keen to expand our presence further in the basin and this Placing better positions us for that while also allowing us to grow other areas of our portfolio."
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/exploration/24092014/nostra-terra-raises-funds-for-future-investments-1503/
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