After 3 days of swabbing production rates of approximately 74 bopd have been established. An oil purchase contract has been executed for all production at the Hoffman lease.
The Well is Nostra Terra's initial production well on the Hoffman property. Redevelopment of the second well at Hoffman has commenced and Nostra Terra anticipates bringing it into production during the first quarter. The Company has a 7.8125 percent interest (rising to 25 percent once the final consideration of $275,000 has been paid) in a total of six wells on the Hoffman property, including at least one salt water disposal well ("SWD"). The property also includes additional leased acreage allowing for new wells to be drilled at
Updates will be provided on reserves and production rates in the future to reflect fieldwork and production activities.
Further to the announcement made on January 6, the production facility at NTOG's first producing well at Boxberger has now been completed and the Company expects to be able to announce production data later this quarter. Initial oil flows were very encouraging. It was found, after running a second production test, that a further salt water disposal well ("SWD") of higher injection capacity would be needed to achieve the optimum results from this well. This has also been permitted for substantial excess injection capacity to cover additional wells on the lease and will be completed shortly.
A completion rig is currently at work on the Bloom property. We anticipate bringing one to two wells into production on this property this quarter.
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