SHAWNEE, OKLAHOMA--(Marketwired - Sept. 26, 2013) - Nitro Petroleum Inc. (OTCBB:NTRO) announces the completion of the Giant 1-21. This well has had several delays due to the downhole problems with Barium which seal off the perforations in 5 1/2 casing and doesn't allow oil, gas, and water to flow into casing where it can be pumped out. National Petrochem has hopefully resolved our problems. The well has pumped for 30 days without any problems. For the month of September we have shipped a total of 540 barrels of oil with another 100 barrels in the stock tank, for a total of 640 barrels times $104.00 per barrel with sales of 66,560.00. The gas we estimate to be around 75,000 cf per day. We should start improving each day now that we have hopefully taken care of our Barium problems. We believe this well is capable of producing 40 plus barrels of oil per day and 150 mcf gas per day once we have resolved the Barium problem. The well is currently producing 22 to 24 barrels of oil per day and 75 mcf gas per day. We are still in negotiations with the gas purchaser. We hope to finalize the gas contract for the Giant 1-21 after we complete drilling of the Giant 2-21.
The Giant 2-21 is currently drilling at approximately 5050'. We are currently estimating we will reach total depth of 6900' on or before October 10, 2013. We are very pleased with our progress on the well and excited that at this time it is running 78' high to the Giant 1-21.
James Borem, President
Nitro Petroleum Inc.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.