Nostra Terra has signed a deal with Texas Capital Bank for a three-year revolving credit facility and a standby letter of credit facility.
The amount can be increased as more wells are brought on production, with the initial amount determined on stabilised production from the company’s wells in Kansas, Colorado and Oklahoma.
Nostra said it expects the value of a number of extra wells will be added by the end of this quarter.
The money will be used to fund drilling at the Chisholm Trail prospect, High Pains prospect and other areas at the company’s discretion.
At Chisholm Trail, the company has received permitting for a second well operated by joint venture partner Ward.
Nostra Terra chief executive Matt Lofgran said the terms of the...
