Nostra Terra is pleased to announce that the initial well in the Verde Prospect in south-eastern Colorado, has been drilled ahead of schedule to a total vertical depth of 5,300 feet.
Indications of productivity in drilling samples and electric logs were positive and the well has been recommended for completion.
Production casing will be run to total depth, followed by completion in the most optimal zone(s). NTOG will provide the first 30-day production figures as soon as these are available.
NTOG has a 16.25% working interest (WI) in the Verde prospect. Following evaluation of testing and potential production of the initial well, two or three further development wells (PUDs) could be drilled, in which Nostra Terra also has the right to participate.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: "We're pleased with the progress made on this well ahead of schedule and hope to see further positive results on this prospect. As a company, our current prospects are fully-funded, with additional cash on hand for further acquisitions, allowing us to continue to grow, regardless of the state of the global economy or markets."