Nostra Terra is pleased to announce that, in line with its increase in production, there has been a 120% increase in the borrowing base on its US$25m Credit Facility (the "Facility") to US$1,100,000. In addition, the Company also announces the collection of US$231,000 from Richfield Oil and Gas Company (Richfield).

The Company announced on 3 February 2014 that it was entitled to drawdown US$0.5m of the Facility but that it expected that the reworking of CT3 and the stabilisation of rates at the newer Chisholm Trail wells would allow for an increase in the borrowing base at the next review period after six months. The Company is therefore pleased to report that stabilised production from its portfolio in Oklahoma, Kansas and Colorado has enabled it to increase the borrowing base much earlier than originally anticipated.

Tags: Nostra Terra Oil & Gas