Nostra Terra reported progress updates on the development plan at the Bale Creek Prospect, located in Oklahoma.
As indicated in the development plan, announced on acquisition of our interest in June 2011, the 2D seismic has now been shot and interpreted as a precursor to the 3D program that will now follow. The reflections of the key zones and markers are clear and easily distinguished. These results provide confidence to the Board that the 3D interpretation will be highly reliable as a predictor of geologic structure. The 3D seismic grid has been laid out and will be shot soon. The final interpretation from the 3D seismic is expected by the end of November which will enable the final selection of the drill sites.
The drilling of wells in the United States requires operators to go through an approval process at the state level, prior to moving in the drilling rig. The spacing and pooling hearings for all three horizontal wells in Phase 1 of the Bale Creek Project are now complete and approved. The process was accelerated in order to facilitate drilling of the wells in quicker succession than originally planned.
The first well is now planned to spud in December.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented, "We are very pleased with the progress, including results on the initial 2D seismic program, on Bale Creek thus far. Having the pooling and spacing completed on all wells within Phase 1 will save us a lot of time thus allowing us to drill the wells at a much quicker pace than previously envisaged."
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