Nostra Terra (AIM: NTOG) has made the final payment of US$275,000 for the Hoffman oil property in Kansas to take its interest to 25%, while increasing its acreage in the Trapp field near the property by an additional 160 acres.
The acreage was acquired jointly with Hewitt Petroleum, which operates Nostra Terra’s Kansas properties, with each party holding 50%.
"We are happy to have completed the acquisition of NTOG's full 25% 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,” said chief executive Matt Lofgran.
The company announced that the first well at the Hoffman lease has established production, achieving rates of 74 bopd (barrels of oil per day).
http://www.proactiveinvestors.co.uk/companies/news/13261/nostra-terra-fully-acquires-25-interest-in-hoffman-oil-field-in-kansas-gets-more-acreage-in-trapp-field--13261.html
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