Oil and gas company Nostra Terra has acquired three producing assets in the Permian Basin of Texas.
The company also received $100,000 in connection with its previously announced sale of its interest in the Chisholm Trail Prospect.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In line with its Permian Basin strategy, Nostra Terra purchased a package of three producing assets for $60,000, funded from exisiting resources
Nostra Terra CEO Matt Lofgran said: “We've worked hard over the last 12 months identifying appropriate targets for acquisition in our efforts to rebuild Nostra Terra. We now have a robust pipeline of potential opportunities and are poised to continue growing.
“Our acquisition targets range from prospects the size of today's acquisition to significantly larger ones.
“As keen as we are to take Nostra to the next level, we will only enter new transactions that the company can afford.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"As should be clear, we are only prepared to do business at the right price.
“The success we've had in the sale of our interests in the Chisholm Trail Prospect, along with the acquisition of the Pine Mills oil field, are further vindication of Nostra's ability to identify assets with potential for value appreciation in producing oil regions during the current downturn in crude oil prices.”
The acquisition covers a 75% working interest in nine wells across an additional 200 acres in Mitchell County and 18 future drilling locations.
Among the acquired nine wells, two are producing wells.
As with the earlier acquisition in the Permian Basin, all three leases are Held By Production (HBP), implying that they have no expiration date and no required work programme and remain in effect as long as the leases remain in production.
It has identified 18 future drill locations in two separate formations, which include nine proven and nine probable infill drilling locations.
In November last year, Nostra Terra made its first acquisition into the Permian Basin.
The company has planned to purchase shallow conventional assets across this commercially attractive oil province.
In the first acquisition, the leases included a 57% to 68% working interest in four wells across 50 acres in Mitchell County.
With the second acquisition, Nostra Terra now owns 20 future drilling locations in the area.
