Nitro Petroleum Incorporated
OTC Bulletin Board : NTRO

Nitro Petroleum Incorporated

February 22, 2008 09:00 ET

Nitro Petroleum, Inc.: Oilfield Development Proposal with Toro Ventures Inc.

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Feb. 22, 2008) - Nitro Petroleum, Inc. (OTCBB:NTRO) -

Larry Wise, President of Nitro, is pleased to advise that Nitro has entered into a Letter of Intent for an oilfield development project in Pottawatomie County, Oklahoma with Toro Ventures Inc. of Seattle, Washington.

This is a turnkey agreement whereby Toro will acquire a 60% working interest in the Crown Lease for $250,000.00.

The pending agreement provides that Nitro will remain as operator. Nitro will carry out remedial reworks on Crown #1 and #3. The wells will be re-entered and re-equipped in the Hunton, Lime and 1st Wilcox Sand. A third well will be converted into a salt water disposal well. In addition, the rework program is to include installing tank battery systems, electrification, and lying of pipelines and all necessary equipment needed to put wells back in production.

The Letter of Intent contemplates that this oilfield program will commence on or before March 1, 2008.

The Letter will provide TORO with the right to participate in subsequent offset wells to be drilled on the Crown Lease.

Larry Wise stated that this venture by TORO enables Nitro to participate up to 40% working interest in future production of these 2 wells in addition to production from future well locations.

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.

Contact Information