OKLAHOMA CITY, OKLAHOMA--(Marketwire - 08/10/09) - Nitro Petroleum Incorporated (OTC.BB:NTRO - News) is pleased to announce that it has received a Well Status Report from its engineering geologist related to Hoco Oil Project in Oklahoma. This project has several wells and Nitro Petroleum is the Operator on this entire project. The Report includes the following recommendations on the first three wells:
Ward/McNeil Well:
This well produces oil and gas from the Viola Lime formation. The Company will pump 2500 gallons of acid and flush this well with 1000 barrels of fresh water. This should increase production by several barrels a day for a nominal cost.
Mason Burns Well:
This well produces from the Bromide Sand. This well will be cleaned out and treated and is open for approximately 100 feet. This well also has production potential from the Viola Limestone formation, which is behind pipe and is a proven pay zone in this area of Oklahoma. Nitro is planning a large frac to penetrate this pay zone.
Teresa Well:
This well produces oil from the Viola Lime Formation. The Company plans on performing a major clean up and an acid frac on this well.
Larry Wise, President of Nitro Petroleum stated, " After these work overs are completed, we expect that Nitro will experience a significant increase in production from this project. This program should also provide higher net revunue to the company especially in light of oil prices increasing over the last two months".
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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