- Oil company Nostra Terra said a recently upgraded reserves in Texas estimate implied the assets could generate $68.5 million in future net income.

The forecast assumed a $75 per barrel flat oil price and marked an 189% increase from a value reported on 29 September.

'We have a very strong asset base, with a diversified portfolio,' chief executive Matt Lofgra said.

'We're able to maintain low operating cost in the field so an increase in oil prices provides a tremendous improvement in income and net cashflow, as demonstrated with the 189% increase in future net income.'

'Our immediate focus is on increasing production and cashflow. We look forward to updating the market shortly with an operations update, including plans for the remainder of the year.'

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