Nitro Petroleum Incorporated
OTC Bulletin Board : NTRO

Nitro Petroleum Incorporated

March 07, 2008 11:33 ET

Nitro Petroleum Inc. Announces Corporate Update

OKLAHOMA CITY, OKLAHOMA--(Marketwire - March 7, 2008) - Nitro Petroleum, Inc. (OTCBB:NTRO) -

Nitro Petroleum Inc. is pleased to announce the following updates:

Barnett Shale, Texas: Nitro has currently 9 wells in production in the prolific area in Cooke County, Texas.

About Barnett Shale:

The Barnett Shale is the largest natural gas play in Texas. It is presently producing 900 MMCF of gas per day and is considered one of the largest U.S. domestic natural gas plays with sizable, remaining resource potential.

Oklahoma State:

In 2007, Larry Wise was appointed CEO and President of Nitro Petroleum, Inc.

Larry has extensive experience in the Oil & Gas industry. Larry's Petroleum Background has enabled him to drill and complete, operate and produce hundreds of wells in Oklahoma over the past 30 years.

Petroleum Acquisitions in Oklahoma:

1) In 2007, Nitro acquired East & West Mooreland & Farley Lease:

There are 18 producing wells and 4 injection wells. These wells are in the Bartlesville sand and the life expectancy is generally over 70 years in this area. Nitro is in the final phase of secondary water flood enhancement to considerably increase production

2) In 2007, Nitro acquired the lease operations of HoCo Oil Inc.

HoCo Oil Inc has been in operation since 1985 and currently have 7 wells in Production. Nitro will be the Operator of all of the Oil Leases. There are Offset drilling opportunities included in this package.

3) Buccaneer Energy Inc. which had varying interests in the HoCo Oil leases was acquired in 2008.

The HoCo and Buccaneer acquisitions were acquired for cash and restricted shares of Nitro Petroleum. Nitro is the operator of the entire HoCo lease operation.

In 2008, Nitro entered into a joint operation agreement with Toro Ventures, Inc. The agreement provides for Toro to fund the drilling and completion of new exploration and development wells on the recently acquired leases. Nitro will be the Operator and will earn a working interest in each acquisition.

Nitro Petroleum, Inc. will continue to pursue acquisitions of petroleum lease properties in the Mid West and South Eastern United States. Commodity prices for oil and natural gas have witnessed recent sharp escalations. This will provide a major incentive for increased lease acquisitions.

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.

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