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utah overthrust
Nostra Terra extended its search for oil and gas in prospective regions of the US in March 2010, when it acquired a 7% working interest (WI) before payout and 5% WI after payout in the Liberty #1 exploratory well in Juab County, Utah. The initial consideration amounted to US$125,000, with an estimated additional contribution of US$87,500 should the well be deemed capable of producing commercial quantities of hydrocarbons. The company also has the right to participate in the wider prospect area.
Drilling began in late April 2010. Other participants in the Liberty #1 well are HPI, which is also operator of the well, and Freedom Oil & Gas Inc.
The Liberty prospect lies on the Paxton thrust, six miles west of the Gunnison thrust where Wolverine Gas & Oil has made two major overthrust oil discoveries.
