Nostra Terra says that the first two wells have been drilled and the third horizontal well has spudded in the Chisholm Trail Prospect, located in Oklahoma.

Nostra Terra owns a 20% interest in the overall Chisholm Trail Prospect, spearheaded by Ward Petroleum. There will be a well-by-well variance in NTOG's working interests (WIs) because of differences in Ward's primary position in each of the wells.

Due to the high interest in this entire play, all available options to participate in the third well were exercised during the forced pooling and election process resulting in a reduction in Nostra Terra's WI to 12.58% from 20% on this particular well. Notwithstanding the change in the WI, the Board is pleased by the acceleration of drilling in the area, where more wells than originally anticipated are being drilled.

The third well is expected to take approximately 30 days to drill, followed by completion and initial production testing.

Tags: Nostra Terra Oil & Gas