Nitro Petroleum Incorporated
OTCBB : NTRO

Nitro Petroleum Incorporated

October 16, 2013 10:22 ET

Nitro Petroleum Inc.: Update on Giant 2-21

SHAWNEE, OKLAHOMA--(Marketwired - Oct. 16, 2013) - Nitro Petroleum Inc. (OTCBB:NTRO) has completed the drilling of our Giant #2-21 to a depth of 6811' in the West Marlow Hoxbar Unit through Thursday, October 12, 2013 at 4:00 am. Although the target reservoirs came in slightly below the original depths projected, this appears to be large advantage to the productive nature of oil and gas in the Giant #2-21 from the target reservoirs due to fault isolation from any depletion of these offsetting wells. Three sands of the Upper Hoxbar interval calculate productive with electric logs along with gas and oil shows from the drilling samples and there appears to be no signs of any depletion from the logs of the target reservoirs. Of the three sands, we were fortunate to penetrate a productive appearing Upper Stray Sand only observed in wells on the down thrown side and east of the trapping fault of the Unit. This new zone calculates productive as mentioned previously along with the fact it has not been produced by any well remotely close to the Giant #2-21, therefore, any production from this sand should be of a virgin nature. Completion procedures will commence starting the week of 10-21-2013 with the first zone of interest, the Lower Sears Sand, from 6626' to 6705'. Nitro Petroleum is extremely optimistic with the drilling results and excited towards the completion of our well due to this apparent isolation from any nearby wells. We will keep you informed as completion procedures continue.

Respectfully,

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.

Contact Information

  • Nitro Petroleum Inc.
    James Borem
    President
    405-273-9119
    405-273-9889 (FAX)