Nitro Petroleum, Inc.-Updates Shareholders on Quinlan #3 Well-Oklahoma
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OKLAHOMA CITY, OKLAHOMA, Sep 02 (MARKET WIRE) --
Nitro Petroleum, Inc. (OTCBB: NTRO) - Nitro Petroleum, Inc. reports today
that the Company has successfully completed the Quinlan #3 well in the
Hunton Limestone formation. This well has been on line for three weeks
and has gross revenues of $3600.00 USD per day. Nitro is the operator of
the well and has shipped the first load of oil on July 30, 2008. Once the
Company has determined the amount of fluid this well is capable of
producing Nitro will then decide to comingle the Simpson Dolomite zone
with the Hunton Limestone. Nitro also has been re-equipping its Salt
water disposal well to be able to increase the water input which would
allow Nitro to produce more oil. Once these zones are comingled it is
expected that this well should produce 1500 barrels of water with an 8%
Oil cut. Nitro plans on completing all work on the Quinlan field in the
next thirty days.
About Nitro:
Nitro Petroleum, Inc. is an independent, energy company engaged in the
acquisition, exploitation and development of oil and natural gas
properties in the Southern United States. 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.
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.
Contacts:
Nitro Petroleum, Inc.
Larry Wise
Investor Relations
(405) 722-2920
Website: www.nitropetroleum.com
Copyright 2008, Market Wire, All rights reserved.
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