News

October 13, 2009

Nosta Terra Oil & Gas Boosted By Early Success In Kansas

Shares in Nostra Terra Oil & Gas enjoyed a mighty surge this week after the AIM small cap announced it is within weeks of first production from its recently acquired assets in Kansas. This summer the company spent around US$1 million on four oil and gas properties in the US after its project in Ukraine ran into difficulties, prompting the AIM firm to shift the balance of its investments to more politically accommodating parts of the world. This shift, spearheaded by new CEO Matt Lofgran, was made possible by the downturn of the past year, which created opportunities to pick up assets in areas that were previously deemed prohibitively expensive.

In July the company acquired a 50 per cent working interest in the Koelsch and Bloom fields in Russell County, Kansas, and a 25 per cent interest in the Hoffman field in Barton and Russell Counties. The following month it acquired a 50 per cent working interest in ten production wells and one salt water disposal well in the Boxberger field, also in Russell County. All the assets were acquired from Hewitt Petroleum, Inc, which remains a partner, and meet the company’s criteria of buying...