Nostra Terra has completed the previously announced sale of a 20% interest in the Chisholm Trail prospect in Oklahoma, US, operated by Ward Petroleum, to Staghorn Petroleum.
The company plans to use the net proceeds from the $2.1m sale to accelerate its growth plans and for general working capital purposes.
Furthermore, the company continues to evaluate various opportunities across different geographic regions, especially in North America and Egypt.
Nostra Terra CEO Matt Lofgran said: “We are extremely pleased to have completed the sale of our interest in the Chisholm Trail Prospect to Staghorn Petroleum.
“This sale comes at an important time for Nostra Terra. The proceeds from the sale allow the Board to advance its plans for introducing new assets to the portfolio with larger working interests.”
Earlier Ward Petroleum retained Pinnacle Energy to undertake a negotiated sale of select oil and gas properties and leasehold in the Chisholm Trail prospect where Nostra Terra holds a 20% stake.
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By GlobalDataNostra Terra opted to participate in the sale at the time of competitive bidding process.
Staghorn Petroleum focuses on the pursuit of sizeable and emerging plays through a combination of producing and non-producing property acquisitions.
Nostra Terra still has other producing assets in the Chisholm Trail play with other operators, production in Colorado and Texas, and large exploration prospects in Wyoming, in addition to production in Egypt.
