Norstra Energy has signed and completed a transaction with Faith Drilling (or "Faith") to set the surface casing of Norstra's first well, the 13-11 Milford Colony. Work on this first phase of the project has already commenced as Faith is already on location rigging up. Subsequent planned work phases include the completion of the 8,800 feet of vertical drilling followed by 5,280 feet (1 mile) of horizontal drilling which would incorporate a 10-12 stage frac.

The Company is also pleased to announce it has partially completed (pending receipt of the funds) a debenture financing for $250,000 which is convertible into common shares at a price of $0.50, which is a 67% premium to the market price at the close of trading on Monday, September 9th, 2013. These funds, which are in addition to previous funds raised, will be used for the further development of the 13-11 Milford Colony well.

Tags: Faith Drilling, Norstra Energy