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assets and operations
Nostra Terra announced its first US oil flow on 13 October 2009, when oil was produced from a previously overlooked interval in the first reworked Boxberger well, marking an exciting landmark for the company and its shareholders.
As the current work programme on its recently-acquired US assets progresses, and further leases are identified for acquisition within its area of focus and expertise, Nostra Terra is confident that production and cash flows will continue to grow steadily.
Advanced well logging and lateral boring techniques are used to locate and exploit substantial additional reserves that earlier operators failed to identify.
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Nostra Terra took the first major step on its new strategic direction in July 2009, when it entered into definitive agreements with Hewitt Petroleum Inc (HPI) for the purchase and development of two oil and gas properties in Kansas, with an option (subsequently exercised) to acquire an interest in a third property.
These initial acquisitions have existing production infrastructure, but more importantly contain proven and possible reserves offering significant upside potential. Nostra Terra and HPI have formed a joint venture company to hold and manage the leases, with HPI continuing to act as operator and Nostra Terra providing funding for the agreed development plan.
HPI is an established regional operator, with proven expertise in applying new technology to find and economically recover additional reserves that were overlooked when fields in the region were producing at their peak.
