Nostra Terra hails Oklahoma well results

28th Jan 2013 08:59

US-focused Nostra Terra jumped after it said oil production at a well in Oklahoma had beaten expectations by a substantial margin.The company said its third horizontal well in the Chisholm Trail Prospect had averaged 348 barrels of oil equivalent per day (boepd) over the last 10 days.This was 148 above the 200 boepd expectations announced by the company in August 2012.The firm, which owns a 12.58% working interest in the well, saw its shares jump 18% on the news.Chief Executive Matt Lofgran said the net production from this well had a very positive impact on his firm's cash flow. "We are focused on delivering management's target of 125 boepd, net to Nostra Terra shareholders and believe that Chisholm Trail, along with other prospects, will be a significant contributor towards that goal," he said. A fourth horizontal well, where the company has a 5.31% working interest, was still in the process of being cleaned up and would continue to recover a mixture of fraccing fluid, oil and gas during this process, the firm said. Results were anticipated to be released shortly, it added.