Nostra Terra has sold its Chisholm Trial prospect to Ward Petroleum for $2.1million.
Nostra Terra chief executive Matt Lofgran said: “We are very pleased to release meaningful value from Nostra’s asset base at this time in the company’s development. As a sizeable partner in the asset we were given the option to participate in the sale and have decided it’s a great opportunity to re-deploy funds to assets where Nostra Terra will have a larger interest and more control of the pace of growth. It comes at a time in the sector when oil prices are low creating a great opportunity to acquire assets that can have an impact for both the near and long-term.”
Nostra Terra has assets in Colorado, Texas, Wyoming and Egypt. The firm will use the funds for working capital and future acquisitions.