Nostra Terra has acquired a 1% working interest in a 20,000 acre prospect in South Texas.
•Initial well already spud
•Shallow oil targets with associated liquids-rich natural gas
•Extensive regional structural mapping
•Up to nine stacked-formations are prospective to horizontal drilling
•Proven success of horizontal drilling in the area
Nostra Terra has acquired the interest with plans to acquire additional interests if appropriate. The cost of drilling the initial well, and further wells planned this year, will be funded from internal cash flow.
The first well has already spud and is expected to be completed in approximately 10 days. It was drilled to a depth of 4,500 feet and will be extended horizontally another 5,100 feet. The continuous drilling program is designed to drill one well at least every four months.