Nostra Terra is pleased to give an update on the Verde Prospect where it has a historical 16.25% working interest (WI), located in south-eastern Colorado.

As previously announced, following the rapid payout of the initial well, additional leasing was targeted along with drilling to expand the size of the prospect. Leasing for the next drilling location has now been finalized with Nostra Terra increasing its WI in the well to 17.54%. Permitting is in process and the well ("Verde #3") is scheduled to be drilled within the next 60 days.

Although core and log interpretations of the second well were encouraging, extensive testing produced too much water for the well to be deemed commercial. The well has been reserved as a water injection well for the future potential water flooding of the project. An injection well was part of the future development thus not resulting in a loss of investment.

Tags: Nostra Terra Oil & Gas