Nostra Terra Oil and Gas rakes in $2.7m for sale of Chisholm Trail

Nostra Terra, an AIM-listed oil and gas exploration and production company, has sold its interest in the Chisholm Trail prospect for $2.7m, revised up from its initial sale figure of $2.1m.

The additional $600,000 in the price was due to an adjustment made for an interest in a further well and associated mineral rights, which was not included in the original list of interests in the sale and purchase agreement entered into between the buyer and seller of the prospect in June 2016.

Chief Executive Matt Lofgran said: "Having just acquired our 80% working interest in the Pine Mills oil field, this is most welcome news for Nostra Terra. We're pleased to receive the additional non-dilutive funds. The additional capital further strengthens our balance sheet, at a pivotal point in Nostra Terra's turnaround. The extra funds will increase our ability to unlock value across our portfolio, building both oil production and reserves."

The share price rose 29.12% to 1.84p at 1053 GMT on Thursday.