Nostra Terra announced that the workover of the initial well, as previously announced, in the Agnello #1 horizontal well within the Vintage Hills prospect unit located in the Giddings Field in Texas, has been completed and the well has been put back into production.
The well was experiencing intermittent plugging in the lateral section. A remedial workover was conducted, along with installation of a larger compressor.
Nostra Terra has a 1% working interest in the Vintage Hills Prospect Unit, located within the large Giddings Field in Texas, which is operated by New Century Exploration, Inc.
The Company will provide an update on 30-day production figures in the future.
The initial well in the Nesbitt prospect is also moving towards completion. Production facilities are currently being built and completion operations being finalized on the prospect.
Nostra Terra has a 3% working interest in the Nesbitt Prospect Unit, located in the Woodlawn Field in Texas, which is also operated by New Century Exploration, Inc.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented, "We are happy to add production and income flow but our focus going forward is on larger deals that will have a bigger impact. Our current prospects are fully-funded and we have cash available for acquisitions. We are targeting additional acreage with a view to increasing both the size of the company and its revenues."
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