Nostra Terra Oil & Gas Company Plc has confirmed the completion of its US$2.1mln sale of its 20% stake in the Chisholm Trail project.
It also confirmed the identity of the buyer as Staghorn Petroleum LLC following the lifting of a commercial commerciality clause.
The junior oil and gas company said it intends to use the cash proceeds to accelerate its growth plans as well as general working capital purposes.
A number of new opportunities continue to be reviewed, it added, and these potential ventures span different geographic regions, particularly North America and Egypt.
“We are extremely pleased to have completed the sale of our interest in the Chisholm Trail Prospect to Staghorn Petroleum,” said Matt Lofgran, Nostra Terra chief executive.
“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.”
By Jamie Ashcroft
Source: Proactive Investors
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