Nitro Petroleum Incorporated

Nitro Petroleum Incorporated

January 08, 2014 09:11 ET

Nitro Petroleum Incorporated: Update on Elmo #2

SHAWNEE, OKLAHOMA--(Marketwired - Jan. 8, 2014) - Nitro Petroleum Incorporated (OTCBB:NTRO) is announcing that a well they own interest in is preparing to spud today, 1-7-2014, named the Elmo #2 located in the W/2 of the SE of the SW/4 of Section 8-T16N-R2E in Lincoln County, Oklahoma. The well is a shallow venture with the target formation being the Osage-Layton Sand with a proposed drilling depth of 3,600'. This is an established Osage-Layton Sand Field with excellent offset production located 40 acres to the northwest of the proposed location. The drilling contractor is Walker Brothers Drilling Inc., Rig #17, which started moving in tools Saturday, 1-4-2014, and commenced drilling today, 1-7-2014. Drilling started with a 12 1/4" surface hole with 8 5/8" surface casing being proposed to be set @ 710'. A 7 7/8" production hole will be drilled with the ultimate goal of setting 4 1/2" production casing through the zone of interest. Nitro Petroleum Incorporated will announce further updates of the drilling of the Elmo #2 as it becomes available.


Jim Borem, President

Nitro Petroleum Incorporated

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.

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