James Borem, President of Nitro (OTC.BB:NTRO – News) confirmed today that the Company has received a reserve calculation of oil and natural gas estimated for the Big Horn project in the State of Montana. In his statement he outlined the following information:
The reservoir engineering firm of Ramsey Property Management LLC of Oklahoma City were contracted by Nitro to evaluate the potential petroleum reserves. Ramsey has reported the following initial calculation indicators: 93,900 barrels of high gravity crude oil, 236,000,000 cubic feet of natural gas.
Nitro petroleum maintains a 25% working interest in a 1600 acre lease. Drilling regulations provide for a possible ten well drilling program on this lease. James Borem advises that Nitro is currently in negotiation with potential JV partners to prospect the first well. The target reservoir is the Tensleep geology believed to lay at a 7300 foot depth.
This well will be featured as an exploration target although a Lodge Grass offset drilled one half section to the east has produced in excess of 286,000 barrels and continues to produce approximately 40 barrels per day without stimulation. Nitro’s President comments that this is an exceptional opportunity for a Junior Resource Company to access a potential oil and gas property in a highly competitive market for primary locations.
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.
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