We caught up with Matt Lofgran CEO at Nostra Terra oil & gas, he talks us through his most recent news release, highlighting the unrestricted finance facility provided by Washington federal bank. The initial borrowing base level has increased by $750,000 from $1.2m to $1.95m of the $5m facility, the changes are due to a redetermination in the agreement courtesy of an increasing oil price, low operating costs and improving production.
Matt and Doc talk about the operating program for the second half of the year before explaining the value of conducting business in the Permian Basin, “With 2/1 returns it is currently an extremely exciting time for us”. During the last few years, we have seen a common theme of funding lines weighing down junior oil companies prior to offering capital (often on poor discounted terms) Doc puts it to Lofgran that Nostra is not unique here and therefore quizzes him on his opinion on such practices.
The interview is pretty punchy, revealing and indeed well rationalised, as the CEO throws down the gauntlet to listeners in finding a company with a sub £50m mcap that’s cash flow positive! The unique position Nostra finds itself is due to hard work with strong values according to the CEO, before acknowledging the hard efforts of his chairman and board.
You can hear more from Matt Lofgran CEO Nostra Terra by clicking the link below
You can see the “Twin well pumping”
Active operations “Permian Basin” shared by CEO Matt Lofgran on Twitter in May 2018
The interviewer was not remunerated to provide this podcast