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Nostra Terra says preparation work progressing for Texas oil well
StockMarketWire.com
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Oil company Nostra Terra said partner Cypress Minerals had begun construction of a drilling pad in preparation for a new well at the Pine Mills oil field in Texas.
The rig was on standby next to the location where, once the pad was constructed, it would immediately be mobilised to Pine Mills to begin drilling.
Nostra Terra owned a 32.5% working interest in the planned well, which included a 25% carried working interest and the remainder at cost.
'We're pleased to be working with Cypress and to see the progress they're making, and look forward to spudding the new well very soon,' chief executive Matt Lofgran said.
'In addition to the new well at Pine Mills, work continues in our second and third areas of operation where we aim to increase production and reserves this quarter.'
Story provided by StockMarketWire.com
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