Junior firm Nostra Terra announced today the acquisition of a one-percent interest in South Texas' 35,000 acre San Miguel Prospect.
The latest purchase marks Nostra Terra's second acquisition this quarter after the company announced a similar investment in Texas' Don Pedro Prospect on April 27, 2015. The first well at the San Miguel Prospect has already spud and is expected to be completed within one month.
Nostra Terra CEO Matt Lofgran commented in a company statement:
"This is our second acquisition in a matter of weeks in Texas. The San Miguel Prospect also has a continuous drilling program at a pace of no less than one well every four months. Between this prospect and the previous acquisition we should see a new well every other month. This compares very well with Chisholm Trail where over the last few years we announced 18 wells in a period of 26 months, with a number of operators. The board continues to pursue additional acquisitions with the intention of having a material impact on production and reserves going forward."
The cost of Nostra Terra's well drilling operations this year will be funded from internal cash flow, according to the company.
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