Nostra Terra announced that the drilling plan in the Bale Creek prospect has been accelerated. The Company has a 30 percent working interest in the Bale Creek prospect, located in Oklahoma.
A decision has been made to accelerate the drilling of the horizontal wells in Phase I. The three horizontal well locations in Phase I have already been spaced and pooled. While the first horizontal well is being drilled, the pad for the next horizontal well is being constructed and the rig contract has been extended, such that the rig will remain on the lease for the second horizontal well, where drilling will commence immediately following completion of the prior well.
Following Phase I, there are four additional potential horizontal well locations in Phase II.
"Things are really picking up here. The back to back well drilling program not only saves money but, more importantly, should allow us to bring on production much more quickly," said Chief Executive Officer of Nostra Terra Matt Lofgran.
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