The deal for controlling interest in a Wood County oil field has gone through with a different company. US and Egypt-based Nostra Terra has completed an 80 percent controlling interest in certain working oil and gas interests at Pine Mills Oil Field near Minneola. Nostra Terra purchased a 15-acre working parcel from GFP Texas, for a little more than $1 million.
The acquisition includes 19 wells, equipment, a rig, and 100 percent ownership of Pine Mills operator Buccaneer Operating.
Australia-based Mosman Oil and Gas had been lined up to buy 80 percent controlling rights at Pine Mills. Yesterday morning, the company announced the deal had fallen through, causing its stocks to tumble by 36 percent.