Nostra Terra Oil & Gas starts production from first well on Hoffman lease
08 February 2010
Nostra Terra Oil & Gas, the US-focused onshore oil and gas outfit working on bringing a string of fields back into production, has started production from the first well on its Hoffman lease in Kansas.
After three days of swabbing, production rates of approximately 74 barrels of oil per day (bopd) have been established at the well, with the oil being sold through a purchase contract that covers the entire Hoffman lease. Redevelopment of a second well at Hoffman has also started and production there is expected to start during the first quarter.
Nostra Terra has a 7.8125% interest in a total of six wells on the Hoffman property, including at least one salt water disposal well. That stake will rise to 25% once the final consideration of $275,000 has been paid. The property also includes additional leased acreage allowing for new wells to be drilled at a later date.
The Hoffman project was one of a series of acquisitions made by Nostra Terra in July last year as part of a complete overhaul of its strategy. Those deals also included stakes in the Bloom, Koelsch and Boxberger properties.
Separately today, Nostra Terra said a production facility at its first producing well at Boxberger was now complete and that production data should be available later in the first quarter of 2010.
At Bloom, a completion rig is currently working on bringing one to two wells into production later this quarter.
Matt Lofgran, the chief executive of Nostra Terra, said: “We are delighted to have our first well enter production and look forward to bringing further wells into production shortly. This is just the beginning of an exciting year.”
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