US oil and gas producer Nostra Terra says its output has exceeded its own projections after increasing production by nearly 200%.
The company confirmed 2013 annual production was up 184%, with average net production in February this year of 66boepd. Nostra Terra anticipates increasing that figure to 150 boepd by this summer.
During the first quarter, the firm also elected to participate in three additional wells in Oklahoma’s Chisholm Trail Prospect. The move was spurred on by positive cash flow being reinvested into further exploration.
Matt Lofgran, chief executive officer of Nostra Terra, said: “I’m very pleased to be able to show that our production continues to grow, surpassing guidance for the previous year and we remain focused on increasing production and revenues further into 2014.
“We’ve de-risked the company by producing from a growing portfolio of wells and by establishing excellent working partnerships within our areas of operations. Two new wells are now in production and a third that has just finished drilling will be completed shortly.
“The Chisholm Trail prospect is providing a strong foundation for the Company and we remain cash flow positive on an operational basis. We are reinvesting free cash flow into additional leases and wells, and anticipate this will accelerate following the increase in production and revenues from the new wells that are coming on stream. We also continue to evaluate new opportunities from which to grow our portfolio even further.”
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