Petroleum Reserves Compiled for Nitro's Montana Big Horn Prospect
May 26 2010 - 4:15PM
Marketwired
James Borem, President of Nitro (OTCBB: NTRO) 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. 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. 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 Incorporated Investor Relations
405-273-9119 www.nitropetroleuminc.com