Nitro has announced today that the Company has hired Well Enhancement Services, LLC (WES) to re-work the Farley Lease. Farley #2 is an oil producer from the Bartlesville Sand at a depth of 350 to 400 feet. WES is planning on cutting four 300 foot lateral legs 1 inch in circumference. This is a new process and has not been tried at this depth before. It has over a 76% success ratio at depths of 1000 to 3000 feet. If proven successful it could increase oil production considerably and help in secondary water flooding to recover over 66% of the oil still left in place. Larry Wise, CEO of Nitro Petroleum, Inc., states, "This is the start of a major work project on these properties, as we plan new well locations and commencing secondary water recovery."
About Nitro:
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. Nitro is confident that these viable opportunities exist in a sector that holds long-term fundamental strength.
Nitro intends to exploit energy exploration opportunities through various partnerships available throughout the Southern United States and in doing so build significant Oil and Natural Gas reserves and capital appreciation to its shareholders.
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. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.
Contacts:
Nitro Petroleum, Inc.
Andrea Bleasdale
Investor Relations
Toll Free: 1-888-740-7276
Website: www.nitropetroleum.com
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