Nostra Terra expands Chisholm Trail acreage

Nostra Terra Oil and Gas Company's shares rose Wednesday after announcing it acquired an extra acreage at the Chisholm Trail prospect in Oklahoma. The group is now exposed to 21 potential drilling locations at the emerging oil play where five have been drilled so far, according to an update from its joint venture partner Ward Petroleum.Sixteen more half-sections remain to be drilled targeting the same geological formation as Gastar Exploration. There are four wells producing at the moment. "We're very pleased to have increased our acreage position in what is turning out to be an exciting emerging play, which has been affirmed by Gastar's recent larger acquisition in the play," said Chief Executive Officer, Matt Lofgran.In April Gastar revealed a $85m acquisition and legal settlement and the economic impact of drilling in the "core area" of their horizontal Hunton Limestone play. A portion of this play is located in Kingfisher County, Oklahoma, near the Chisholm Trail prospect area.Gastar estimates 100m barrels of oil based on the reserve estimates of 65 net drilling locations. The Gastar acquisition closes on June 7th this year.The fifth well on the prospect in which Nostra has a 2.2% working interest, has reached total depth and is being prepared for completion.Nostra also told investors it has raised £502,750 under its aggregated stand-by equity distribution agreement with Yorkville Global Advisors through issuing around 123.5m shares at an average price of 0.407p per share.RD