NTRO News
Monday June 22, 2009, 8:00 am EDT
Nitro Petroleum Incorporated (OTC.BB: NTRO) is pleased to announce that it has finalized the purchase of a working interest in two gas wells in the Bigoray area of West Central Alberta. On June 18th, Nitro Petroleum announced that they were in final negotiations for this project, which was expected to produce about 570,000 cubic feet per day or approximately 100 barrels of oil equivalent per day. The operator based this estimate on the fact that the first well went on line at 400,000 cubic feet per day and the B well would produce approximately 200,000 cubic feet day.
Nitro is pleased to report that the operator has just concluded its initial testing of the B well and it has tested at 530,000 cubic feet per day with 12/bbls of liquids per day. The liquids contain propane, butane and light gravity oil which will be sold at a 15% premium to the daily price of crude oil. The Operator reported that they expect the well to stabilize in the next week or two to get a final accurate flow rate.
Larry Wise, President of Nitro, stated, "This news on the B well test could possibly double the expected production on this 2 well project. We are in discussions to participate in the Operators entire portfolio of properties in Alberta, Canada. The Operator owns 11.5 kms (approx. 8 miles) of there own pipeline and other oil and gas infrastructure which will speed up tie ins of several other prospective wells."
About Nitro Petroleum: Nitro Petroleum Incorporated is an independent, energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States and Canada. 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. More information about the company is available at www.nitropetroleuminc.com.
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. We do not intend to, and undertake no duty to, update any such forward looking statements to reflect the impact of circumstances or events that arise after the date such forward looking statements were made.
Contact:
Contacts:Nitro Petroleum IncorporatedInvestor RelationsToll Free: (888) 805-NTROinfo@nitropetroleuminc.comwww.nitropetroleuminc.com
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