Nostra Terra has sold off its interests in Chisholm Trail for $2.1million.
Staghorn Petroleum snapped up the interest. Nostra Terra will use the funds to “accelerate its growth plans and for general working capital purposes”. It’s considering opportunities in North America and Egypt.
Chief executive 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. We look forward to updating shareholders in the near future.”
The board has also decided to extend the suspension of quarterly operations reports.
A spokesperson added: “The previous quarterly reporting policy was at the board’s discretion and is not required pursuant to the AIM Rules. The board feel that management time is better directed towards evaluating and securing new assets for Nostra Terra, as it continues to implement its growth strategy and deliver shareholder value over the medium term. The company will continue to report on operations and accounts in the annual and interims per standard reporting requirements.”