Nostra Terra Oil & Gas (AIM:NTOG) has completed the acquisition of a 25% working interest in the Hoffman oil property in Kansas and increased its acreage in the nearby Trapp field.
Nostra Terra Oil&gas Co Plc is an emerging oil and gas exploration and production company with newly acquired assets in established producing regions within the US mid-continent. The Company's US properties are all located in Kansas, in the Central Kansas Uplift. Bloom is located in Rice County, Boxberger in Russell County, Hoffman in adjacent counties of Barton and Russell, and Koelsch (where the Company has an option) in Stafford County.
Following completion, the Company now holds a 25% stake in a total of six wells on the Hoffman property, including a salt water disposal well. Nostra Terra announced on Monday that the first well at its Hoffman lease had established production. Redevelopment of the second well at Hoffman has begun and Nostra Terra anticipates bringing it into production during the first quarter.
Nostra Terra also announced that it has increased its acreage in the Trapp field by an additional 160 acres, located near the Company's Hoffman property. The lease over the additional acreage was acquired jointly with Hewitt Petroleum Inc. (operator of Nostra Terra's Kansas properties) with each party owning 50 per cent.
Matt Lofgran, CEO of Nostra Terra, said:
"We are happy to have completed the acquisition of NTOG's full 25 per cent working interest at Hoffman. In addition, this new acquisition doubles our gross acreage in the Trapp field. The property is very well positioned and we continue to look for additional property in the Trapp field."
