Nostra Terra Oil and Gas Company gains on Oklahoma prospect

13th Feb 2013 11:49

Nostra Terra Oil and Gas Company advanced Wednesday as it announced the fourth horizon well in its Chisholm Trail prospect in Oklahoma exceeded management's expectations.Shares rose 9.01% to 0.60p at 11:52 after the company said production had beat forecasts by a "substantial margin". The well has averaged 505 barrels of oil equivalent per day (boepd) in the past 10 days, above an estimated 200 boepd. Matt Lofgran, Chief Executive Officer of Nostra Terra, said: "As a result of the outstanding performance in production from Chisholm Trail our revenues are greatly exceeding our expectations, allowing us to reinvest proceeds more quickly, while we continue our commitment to the prospect with Ward Petroleum."Nostra Terra, focused on projects in the US, owns a 5.31% working interest in the well. RD