Nostra Terra's U.S. Reserve Base More Than Doubles
Nostra Terra's Bloom property and wells are located in the Chase-Silica Field. This field has in the past produced over 280,000,000 barrels of oil since its discovery in 1930. Highlights of the recent reserve summary on the wells, in which NTOG has a 50% working interest, include:
- 2,260,800 BBLS oil potential gross proved reserves (projected net attributable reserves to NTOG's working interest of 1,019,290 BBLS);
- 1,096 MMCF gas potential gross proved reserves (projected net attributable reserves to NTOG's working interest of 494 MMCF);
- the report excludes any probable and possible reserves; and
- the present value of the property attributable to NTOG, at a 10% discount factor, is US $23,775,570 (based on oil @ US $70.00 per barrel and gas @ US$4.50 per MCF).
"The results of the reserves report on the Bloom property more than double our current reserve base while providing a great opportunity for cash flow for the Company," said Matt Lofgran, CEO of Nostra Terra. "The increase in reserve base should also provide the Company with a more diversified portfolio of production assets in the future."