Nitro Petroleum Incorporated
OTC Bulletin Board : NTRO

Nitro Petroleum Incorporated

January 31, 2008 09:01 ET

Nitro Petroleum, Inc. Signs Letter of Intent on Purchase of HoCo Oil, Inc.

OKLAHOMA CITY, OKLAHOMA--(Marketwire - Jan. 31, 2008) - Nitro Petroleum, Inc. (OTCBB:NTRO) -

Nitro Petroleum, Inc. is pleased to announce that the company has entered into a definitive agreement with HoCo Oil, Inc. a Private Energy Company operating in the State of Oklahoma.

The agreement provides that Nitro will acquire a 25% working interest in several leases which includes seven producing wells. The acquisition will be funded by the issuance of restricted shares from the Corporate Treasury. The anticipated closing date will take place during the first week of February.

In addition to the producing wells, Nitro will have access to participate in several new offset wells and a secondary recovery project.

Nitro will be appointed as the Operator. In addition, Nitro intends to carry out remedial work on several well locations for immediate enhancement of production.

Larry Wise, President and CEO of Nitro, has stated that, "The Company has an excellent opportunity to acquire producing leases and further drilling opportunities for capital stock. This will provide the company with cash flow to develop further reserves and production capabilities."

About 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 and there are Offset drilling opportunities included in this package.

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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