Nostra Terra Starts Drilling at Oklahoma Prospect
Nostra Terra, the AIM oil and gas producer with projects in the USA, announced drilling has begun on the first horizontal well in the Warrior prospect, located in Oklahoma. The Company has a 10% working interest in the Warrior prospect, which is operated by Crown Energy Company Inc. ("Crown Energy").
Crown Energy and its subsidiary, Basin Engineering, LLC, have a long and successful track record in acquisition, drilling, exploration and production, both for their own accounts and for their many clients. They are concentrated largely in the Mid-Continental United States but provide services and operations throughout the United States, Gulf of Mexico and several international locations.
The well is the first of six potential horizontal well locations on the prospect. Drilling of the well is expected to be completed in approximately 30-days, followed by completion and initial production testing.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented, "The first horizontal well on Warrior has spudded much earlier than originally planned and our drilling program remains on track. Our primary focus this year is to increase the amount of production wells, and continue our long term strategic plan to generate and operate prospects internally, with a focus on building reserves and net production to the Company."
Alden McCall, Chief Operating Officer of Nostra Terra, added, "We value working with Crown Energy on this initial investment and on future opportunities, as they present themselves. They have excellent operational skills and an outstanding reputation. The working interest is drilling a vertical hole to within 500 feet of the target zone and will then start building the curve for the horizontal segment of well. Throughout this process, directional drilling tools will be steered utilizing interpretations made by the on-site mud-logger and geologist until the final decision is made to stop drilling and complete the well. In this way, we will place several thousand feet of production casing entirely within the target formation."