We caught up with Matt Lofgran CEO of Nostra Terra Oil & Gas to discuss the companies recent news of an acquisition in the Permian Basin, the company picked up the assets from Tall City exploration who had taken the asset on however developed an increased interest elsewhere having secured $500m of funding. During the interview with Doc Holiday, Matt explains that the opportunity has come by the virtue allowing Nostra to quadruple its acreage in the Permian.
Lofgran proceeds to remind listeners that NTOG is one of a few oil and gas companies that are drilling and bringing online producing wells throughout a turbulent period in the oil space which thankfully is showing encouraging signs in 2018, so much so satisfying Washington Federal bank who offer them financing line on extremely competitive terms. The newly acquired assets offer huge potential according to the Nostra Terra CEO who shares some insight into the stacked pay reservoirs.
Matt Lofgran CEO commented: “We are incredibly excited to have made such a substantial acquisition, quadrupling our Permian footprint and, much more importantly, now have the opportunity to drill horizontally. Horizontal drilling has been the primary driver in delivering the substantial gains in production and reserves seen across the Permian Basin in recent years. For a company of our size, this is a huge opportunity, which we are now well positioned to take advantage of.
Having successfully grown our cash flow on steady gains in production, it is now time for Nostra Terra to take its next leap forward.”
You can hear the audio interview by clicking the link below
Last month Matt Lofgran CEO of Nostra caught up with our friends at IGTV here