The leases cover about 636 net acres in which an initial test well will be drilled into the Mississippian formation to a projected total depth of 5300ft.
Drilling of the well is expected to commence during the third quarter of this year.
According the the company, 3D seismic has been shot and interpreted that supports the subsurface mapping of a structural high being 25ft to 50ft up dip to historical production from the Lower Morrow Keyes target.
If drilling of the initial test well on the Verde prospect proves successful, two to three further development wells are expected to be drilled, in which Nostra Terra also has the right to participate.
