Nostra Terra Oil & Gas shares (LON:NTOG) were up on Thursday after the company announced an increase in reserves at its Texas assets.
The oil and gas exploration company announced a 276% increase in oil reserves to 2,429,660 barrels of oil, at its assets at Pine Mills in East Texas and its Permian Basin assets in West Texas. This also included the firm’s Mesquite asset.
As a result, Nostra Terra Oil & Gas said it expects future net income of $58.65 million.
Back in September, the company reported its interim results for the six months to June 30.
Nostra posted a 50% increase in revenue for the period to £823,000, compared to £549,000 in 2017. In addition, average net oil production totalled 101bopd during H1.
Nostra Terra Oil & Gas is an AIM-listed company. It was founded back in 2005. It has operations in the US and Egypt.
Shares ticked up more than 4% in the immediate aftermath of the announcement. Shares are currently trading flat as of 3:55PM (GMT).
Elsewhere in the oil and gas sector, UK Oil and Gas shares (LON:UKOG) rallied after announcing the acquisition of a further interest in Horse Hill.
Similarly, Wentworth Resources shares (LON:WEN) were up during Thursday trading, after the company issued an update to investors.