OKLAHOMA CITY, OKLAHOMA--(Marketwire - 08/06/09) - Nitro Petroleum Incorporated (OTC.BB:NTRO - News) is pleased to announce that they have submitted their proposed drilling location to the Bureau of Indian Affairs for their approval. The process usually takes 30 to 45 days. The proposed location is situated near the town of Lodge Grass on the Crow Indian Reservation in Section 27, T6S-R36E, Big Horn County, Montana. This well will be on a 160 acre spacing which would allow Nitro to re-space and drill 3 additional wells on 40 acre spacings if the first well is productive.
The targeted depth for this well is 6450' which is the top of the Tensleep Formation. Although the Tensleep Formation is largely untapped in the Powder River Basin, this particular location is a direct SE offset to a well drilled near Lodge Grass 10 years ago. That well was a discovery well into the Tensleep Sandstone Formation and has produced in excess of 350,000+ barrels of oil in its history and currently still produces approximately 50 barrels of oil/day. Larry Wise, President of Nitro stated that " I believe this discovery well is just a preliminary indicator of what the basin could produce, due to relatively little exploration of the basin and that there are multiple zones of interest above the Tensleep Formation which are capable of producing oil and gas."
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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