Nitro Petroleum, Inc. – The Company is pleased to announce it has entered into negotiations on three separate oil and gas projects in Oklahoma.
The three production and exploration leases are all located in Nowata County.
These leases are identified as the East Mooreland, West Mooreland and Farley. The oil and gas sector in Oklahoma is part of the mid continent oil region that stretched from Central Texas across Oklahoma. The three properties consist of 320 acres. There are 30 producing wells with the opportunity for additional infield drilling.
In addition, the company announces that the 3D seismic project previously scheduled for the Corsicana field in Texas has been suspended. The company has determined that the deep rights on this field were not secured.
Ted Kozub CEO of Nitro Petroleum states, “We believe that the Oklahoma leases, when fully developed and completed, will bring significant value to Nitro Petroleum, Inc. and its shareholders.”
About Nitro Petroleum, Inc.: Nitro’s objective is to seek out and develop opportunities in the Oil and Natural Gas sectors that represent a low risk opportunity. As well, Nitro aims to define larger projects that can be developed with Joint Venture partners. Nitro is confident that these viable opportunities exist in a sector that holds long-term fundamental strength.
Nitro intends to exploit energy exploration opportunities through various partnerships available throughout the Southern United States and in doing so build significant Oil and Natural Gas reserves and capital appreciation to its shareholders.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.
Nitro Petroleum, Inc.
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Source: Nitro Petroleum, Inc.