Nostra Terra posted a 232% rise in production in its latest quarterly update.
The oil and gas exploration company, which assets in the US and Egypt, recorded a turnover of $503,921 for July through September. The firm’s production peaked at 24,292 for the same time period.
The firm said despite the low price “now is a great time to acquire assets and grow”. It credited the strategy for recent growth.
Chief executive Matt Lofgran added: “We’re very pleased to show a significant increase in both production and revenues for the quarter during a time in the industry where many companies are struggling.
“We feel it’s a great time to grow our asset base and the acquisition in Egypt represents an excellent second focus area for the company.
“We will continue to seek other opportunities similar to East Ghazalat, both in the USA and beyond while remaining focused on cash flow.”