Nostra Terra Oil and Gas Company plc announced that it has received approval for a new $5 million Senior Lending Facility with Washington Federal Bank. $1.2 million of the Facility will be immediately available for use on completion of the legal paperwork. Completion is expected to take place before the end of January. The interest rate is 4.75%. The Facility has an initial nominal amount of $5 million, with $1.2 million immediately available for use on Completion based on current production. The size of the Facility and Borrowing Base will be reassessed at least twice yearly. The board of the company anticipates the Facility and Borrowing Base will increase with increased oil production, any further increases in the company's Proven 1P oil reserves, and with use of the BP Energy Company Hedging Facility. Currently the size of the Facility and Borrowing Base have been determined solely upon stabilized production at Nostra Terra's Pine Mills asset. Recent reserves used by the bank were performed conservatively, with a ‘sensitivity case’, using an oil sales price of $36.50 per barrel or less for the next 6 years. With current oil prices nearly double that, hedging a portion of future production could significantly increase funds available.