Nostra Terra has acquired a 100% working interest in 6,100 net mineral acres in the White Buffalo Prospect from Ward Petroleum Corporation (Ward) (the "Acquisition"). The Prospect is located in the Big Horn Basin of Wyoming and comprises several targets including the proven Phosphoria Formation.
◾ Nostra Terra now owns, controls and operates a 100% Working Interest in 6,100 net acres
◾ Up to 20 potential locations for horizontal wells with 4,500 foot laterals, are possible with total recoverable potential of up to 13MMbo
◾ PV10 for a horizontal well (4,500 ft lateral) in the Phosphoria Formation is estimated at US$5.9 million (best case) to US$11.8 million (high case)
◾ Potential mean project value of US$118 million up to US$236 million in total based on 20 horizontal wells
◾ Acquisition consideration of approximately US$1.2 million which includes the acreage, geological and geophysical work and associated legal and other costs