OKLAHOMA CITY, OKLAHOMA--(Marketwire - 10/07/09) - Nitro Petroleum Incorporated (OTC.BB:NTRO - News) -
The Nitro Petroleum Board of Directors has announced that effective October 1, 2009, Larry Wise has resigned as President of Nitro Petroleum Inc. The Company wishes to thank Larry for his hard work and dedication and to wish him success in his future endeavors.
The Nitro board is pleased to advise that Mr. James G. Borem of Tulsa, Oklahoma has been appointed as President and Interim Chief Financial Officer. James Borem has a most impressive forty year history in the administration sectors of the petroleum industry. His arena of experience includes, petroleum valuations and development, financing, budgeting, marketing, materials procurement and risk management.
A summary of Mr. Borem's employment includes senior management positions with Sun Oil, Eastern Pipeline Company, Andover Oil Company, Vintage Petroleum, Latex Resources, Double Eagle Petroleum and Comanche Energy.
Mr. Borem is at present the President of two private oil and gas service and production companies in Oklahoma. His vast background in oil and gas administration and finance will instill a substantial asset to the management structure of Nitro.
Jim Borem comments that the company initiatives will focus on current and capital funding, and a critical review of the existing operations. In addition, he stated that within their organization, they have access to and will pursue several development and acquisition opportunities.
Nitro currently has interests in Oklahoma, Montana and Alberta, Canada.
In conjunction with the re-organization, Mr. Borem advises that Shane Broesky will resign as Chief Financial Officer and will remain as a Director. In addition, Sharon Farris has resigned as a Director. Mr. Borem anticipates that the executive structure and the board of directors will be expanded in the near future.
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
