LONDON (ShareCast) - US oil and gas explorer Nostra Terra said a court had ruled that 1.15m dollars would be released to the company following its legal wrangle with Richfield Oil & Gas.

Richfield defaulted on a $1.3m secured loan note it had issued to Nostra Terra in 2011 and in February 2012 Nostra Terra launched a lawsuit.

A court ruled in its favour earlier this year and last month Richfield deposited $1.3m with the courts. Nostra Terra received an initial $215,000 in May as part of the settlement and the court has now said that $1.15m of the $1.3m being held be released to Nostra Terra.

Chief Executive Matt Lofgran said: “These funds allow us to expand our drill programme at no cost to shareholders."

Further court hearings will take place later this year as Nostra Terra fights to win back legal fees and other related expenses.

Shares in Nostra Terra were up 6% at 0.41p at 08:18 on Friday.

TB

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE