Nostra Terra eyes Colorado wells

20th Jun 2011 12:43

Nostra Terra Oil and Gas, the AIM listed oil and gas producer, has acquired an interest in operations in Colorado.The acquisition amounts to a 16.25% stake in the Verde Field development in the south east of Colorado, which will be drilled by Plainsman Partners.Drilling is expected to begin in the third quarter of 2011. Indicators suggest the $1.1m project may access shallow oil with potential for also finding natural gas.Part of the project involves recovering the Lower Morrow / Keyes Sand wells which were plugged in 1991 when oil prices hit rock bottom. Nostra Terra is hoping their re-use is now commercially viable.At 1:15pm on Monday (20/6/11), the share price of Nostra Terra was down 0.035p at 0.87p.BS