Revenues more than doubled in Nostra Terra Oil & Gas's (LON:NTOG) latest half year, it said, adding it now wants to grow the company's production and reserves.
The USA-focused oil group reported revenue of £415,000 for the six months to end June, compared to £162,000 in 2012. The loss before tax came in at £529,000 compared to a loss of £356,000 in 2012.
Focus over the period has been on the Chisholm Trail prospect and as the first wells came into production, the firm saw break-even operationally for the first time.
"With the continuing and repeatable success in the wells more operators are acquiring leases and drilling in the play.
"We are also beginning to see horizontal wells testing a different formation. The added dimension has the ability to increase the number of potential drilling locations within our leasehold. On 25 February 2013 we stated that we felt that our net working interest from producing wells in the prospect for 2013 would be larger than that of 2012.
"We still feel confident that this will be the case," the firm said in the statement.