OKLAHOMA CITY, OKLAHOMA--(MARKET WIRE)--Jun 5, 2009 -- Nitro Petroleum Incorporated (OTC BB:NTRO.OB - News) is pleased to announce that it has negotiated to participate in its first Alberta project. The first project is a 2 well program in West Central Alberta, near Edmonton. The first well has been drilled to a depth of 1220 meters or approximately 4000 feet. This well was drilled this spring and has encountered 4 Gas zones. This well encountered two pay zones in the Belly River structure: the Viking and Banff zone. The Operator perforated the Banff zone and the well free flowed at 680,000 cubic feet with an additional 1 BBL of liquids per hour. The well was flowed for 24 hours and settled in at 400 psi. The well was shut in and it pressured to 1000 PSI in less than 1 hour. The indications are that this should be a prolific flowing zone with excellent reserve potential given how quickly the well pressured up. The Operator has installed meters in the hole which will remain for 1 week to access more precise information on the reserve potential. Estimated flow rates and reserve potential should be available very soon.
Larry Wise, President of Nitro stated, "This first project meets our evaluation criteria for participation: low risk, high probability producing projects that can be put on stream quickly to generate revenue."
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.
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