Archive for the ‘Nitro Petroleum Inc. NTRO’ Category

Nitro Petroleum Inc. (NTRO.OB) Announces Appointment of New Chief Financial Officer

Thursday, April 2nd, 2009

Nitro Petroleum announced today that it has chosen Shane Broesky to serve in the position of Chief Financial Officer. Mr. Broesky has also been elected to the Nitro Board of Directors. He brings an extensive business background which includes management positions in many private corporations involved in sales, computers, and public relations. Broesky is currently the principal of a private investment firm focused on raising capital and operational funding for oil and gas entities.

Larry Wise, President of Nitro, stated, “The addition of Shane as Chief Financial Officer and Director will be very significant and strategic to Nitro. His strong organization skills and his ability to raise funds is very timely as we push to develop our substantial Powder River Basin project in Montana. Shane will also be invaluable in finding and negotiating working interest participation in new oil and gas projects, especially in Alberta where he resides.”

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Beacon Equity Research Featured Company: Nitro Petroleum Inc. (NTRO.OB)

Thursday, February 19th, 2009

Nitro Petroleum Inc. focuses its efforts on exploring and developing oil and natural gas properties in the United States. The Company has interests in three prospects covering 240 acres (the East Moreland, West Moreland, and Farley leases) in Nowata County, Oklahoma. Additionally, Nitro Petroleum is developing a Barnett Shale joint venture project covering 7,000 mineral acres. This project contains 24 operating wells that produce approximately 400 barrels of oil and 2.5 million cubic feet of gas per day.

Nitro Petroleum pursues joint venture projects in highly productive areas and redevelops mature fields through the use of innovative technologies. The company leverages modern, sophisticated remediation and extraction techniques as well as its large inventory of 3-D seismic data to drill horizontal wells more precisely inside targeted shale formations, avoiding various underground structural chal¬lenges such as karsts and faults.

In 2008, Nitro Petroleum increased its oil and gas by 661%. The company also formed a joint venture with Toro Ventures Inc. to develop the Crown lease project in Pottawatomie County, Oklahoma. Nitro Petroleum has completed remedial re-works on Crown #1 and #3 wells and is producing natural gas in pay quantities. The company recently signed a second joint-venture contract with Toro for the Quinlan lease project.

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Beacon Equity Research Features Nitro Petroleum, Inc. (NTRO.OB); Establishes $0.16 Price Target

Monday, February 2nd, 2009

Nitro Petroleum Inc. focuses its efforts on exploring and developing oil and natural gas properties in the United States. The Company has interests in three prospects covering 240 acres (the East Moreland, West Moreland, and Farley leases) in Nowata County, Oklahoma. Additionally, Nitro Petroleum is developing a Barnett Shale joint venture project covering 7,000 mineral acres. This project contains 24 operating wells that produce approximately 400 barrels of oil and 2.5 million cubic feet of gas per day.

Nitro Petroleum pursues joint venture projects in highly productive areas and redevelops mature fields through the use of innovative technologies. The company leverages modern, sophisticated remediation and extraction techniques as well as its large inventory of 3-D seismic data to drill horizontal wells more precisely inside targeted shale formations, avoiding various underground structural chal¬lenges such as karsts and faults.

In 2008, Nitro Petroleum increased its oil and gas by 661%. The company also formed a joint venture with Toro Ventures Inc. to develop the Crown lease project in Pottawatomie County, Oklahoma. Nitro Petroleum has completed remedial re-works on Crown #1 and #3 wells and is producing natural gas in pay quantities. The company recently signed a second joint-venture contract with Toro for the Quinlan lease project.

Beacon Equity estimates Nitro Petroleum’s reserves total at 110 BCF of natural gas, which is worth around $500 million at today’s relatively low natural gas prices. In the 16-page report, the research bureau stated, “Recognizing the huge reserve potential of both the Barnet Shale and the Company’s Oklahoma properties as well as the progress the Company has made to-date in negotiating joint ventures and reworking existing wells, we are initiating coverage of NTRO with a Speculative Buy rating and a $0.16 price target.”

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HotOTC Featured Company: Nitro Petroleum Inc. (NTRO.OB) Added to Watch List after Recent Share Cancellation

Thursday, March 20th, 2008

Nitro Petroleum Incorporated announced on Tuesday that it had received an irrevocable letter of intent from the major shareholder of the company whereby 100,000,000 restricted shares will be returned to the company for cancellation. Today, the announcement came that those 100 million shares have been cancelled and will be returned to treasury stock. The cancellation of those 100 million shares resulted in a 67% reduction in company’s total outstanding shares, leaving the company with only 48,540,000 shares of common stock outstanding.

Nitro is a small to midsized independent energy company that actively engages in the acquisition and development of oil and natural gas properties in the Southern United States. They currently have 9 wells in production in the prolific area of Cooke County, Texas. Operations are taking place on the Barnett Shale, which is the largest natural gas play in Texas by far, and considered to be one of the largest U.S. domestic natural gas plays, with sizable, remaining resource potential.

The President of Nitro Petroleum, Larry Wise, explains that with the new market cap the company can now move ahead with potential financing opportunities in this very exciting energy market. Nitro has been on the move in 2008 acquiring interest in HOCO Oil Inc. and Buccaneer Energy Inc., as well as entering several joint projects with Toro Ventures Inc. These developments have translated into over $225K in revenues for the company in the first three quarters of 2007, a record year for Nitro.

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Wall Street News Alert Featured Company: Nitro Petroleum, Inc. (NTRO.OB) Poised for Full Production in Oklahoma

Tuesday, March 11th, 2008

President Larry Wise announced that Nitro Petroleum Inc, along with its partner Toro Ventures, Inc., completed the Crown Lease project located in Pottawatomie County, Oklahoma. Nitro Petroleum holds a 40% working interest in the Crown Lease project, while Toro Ventures Inc. maintains a 60% working interest. Although Toro has a larger interest, Nitro Petroleum will be the Operator of the project and will retain a working interest in all future production at the location. There is already an option to drill two new wells at the Crown Lease location.

Rework projects still need to be performed at the Crown location. Nitro Petroleum plans on re-entering and re-equipping two wells (named Crown #1 and Crown #3) in the Hunton, Lime, and 1st Wilcox Sand. One additional well at the location will be transformed into a salt-water disposal well. To get the wells into production, the installation of tank battery systems, updated electrical systems, and the laying of pipelines will be completed as part of the rework project.

Nitro Petroleum is also currently working on two other projects in Oklahoma: the East Mooreland Lease and the West Mooreland Lease. The East Mooreland Lease is located on property that produced oil in the 1920’s. Due to new technology, Nitro Petroleum anticipates the ability to extract additional oil at a deeper depth from this location. The West Mooreland Lease consists of multiple primary bores that were previously abandoned due to cost, but can now be reworked into a full production site.

Nitro Petroleum is a natural resource company that focuses on the development of joint venture properties in productive areas and the redevelopment of mature fields through the use of newer technology. Nitro Petroleum plans to continue to expand, develop, and explore oil and natural gas reserves in the Southern United States.

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