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LONDON (Alliance News) - Nostra Terra Oil And Gas Company PLC Tuesday said it expects a 200% net return by year end on its newly producing development well in the Verde Prospect, Colorado.
The oil-and-gas exploration and development company with operations in the US said the well, which is 16.25% owned by Nostra Terra and is operated by Plainsmen Partners LLC., will reach 200% of the initial well and acreage costs by the end of the year.
The company also said that two more wells are being developed on the site to further expand the prospect.
"As the year progresses, we anticipate several more wells will be added throughout our portfolio, increasing revenues to the Company which we will continue reinvesting into additional production," Chief Executive Matt Lofgran said in a statement.
Nostra Terra shares were up 0.015 pence, or 3.80% to 0.410 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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