Nitro In Talks For Producing OK Assets

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Description

To acquire producing leases in Garvin County, OK. Plummer #1 & Fuller #2 producing from Viola formation; third well producing from Deese reservoir.

Nitro Petroleum Inc., Oklahoma City, (OTCBB: NTRO) plans to acquire certain producing leases in Garvin County, Oklahoma from undisclosed sellers for an undisclosed price.

The assets include three production well sites, supplemented by one water-disposal well, with potential dual-reservoir opportunities identified to support current production. Plummer #1 and Fuller #2 are currently producing from the Viola limestone formation; the latter well location is also producing from the Deese reservoir. Each well holds a 40-acre tract.

Nitro president James Borem notes, "With crude oil prices currently in excess of $75 and expected to rise, leases with this potential are extremely important for growth, company cash flow and expansion opportunities."

Nitro anticipates additional oil and gas acquisitions in Oklahoma and Texas. The company focuses on E&P in the U.S. and Canada.