Excerpts from PPTO FORM 10-K: NTRO insight on their relationship with NTRO
On January 27, 2009, the Company entered into a Participation Agreement with
Nitro Petroleum Incorporated ("Nitro"), pursuant to which the Company
obtained from Nitro the right to participate in Phase One of Nitro's Powder
River Basin Project in Montana. Nitro acquired certain oil and gas leases in
the Powder River Basin in Montana pursuant to a Memorandum of Understanding
dated January 26, 2009 with REDS, LLC.
Pursuant to the terms of the Participation Agreement, Nitro is being carried
to the tanks with respect to a 25% working interest in Phase One of the
Powder River Basin Project. The Company is acquiring a 37.5% working interest
in Phase One of the Powder River Basin Project in exchange for an agreement
to pay 50% of the expenses of Phase One of the Powder River Basin Project.
Additionally, the Company shall have the right to purchase up to a 37.5%
working interest in Phase Two and Phase Three of the Powder River Basin
Project upon substantially the same terms as Phase One. Nitro will be the
operator of all wells drilled during Phase One of the Powder River Basin
Project. As of September 30, 2010, the Company has paid $57,500 towards the
participation agreement with Nitro Petroleum. The payments have been recorded
in the financial statements as Participation deposits.
On September 1, 2010, the Company purchased a 5% working interest in a 7 well
package located in Garvin County, Oklahoma in the amount of $34,500. The
company financed this transaction with an account payable to the operator of
the wells, Nitro Petroleum Incorporated.
Mr. Richard Porterfield - member of the Board of Directors; President
Mr. Porterfield was appointed as a member of the Corporation's Board of
Directors and as the Corporation's President and Secretary on January 20,
2009. Mr. Porterfield has been working in the oil and gas industry for over
30 years. From November 2008 to May 2009, he worked as a Geologist for Nitro
Petroleum Corp. From January 2004 to April 2006, he worked as a geologist for
Hoco, Inc. and from November 2006 to March 2008, he worked as a geologist for
Bentrock, Inc. Mr. Porterfield earned an AA degree in Business Management
from Rose State College in Midwest City, Oklahoma.
Mr. James Kirby - Chief Financial Officer
Mr. Kirby was appointed as the Company's Chief Financial Officer on June 3,
2009. From September 1997 to present he has been the Vice President of First
National Bank of Shawnee. Mr. Kirby has also been a member of the Board of
Directors of Nitro Petroleum Incorporated since December 2007. Nitro
Petroleum is a public company registered with the SEC. He studied banking at
Seminole College and business at Oklahoma State University.
The Company has not entered into any transaction with Mr. Kirby that would be
regarded as related party transactions.
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