Nitro Petroleum Inc.: News Release Branch #1

(firmenpresse) - SHAWNEE, OKLAHOMA -- (Marketwire) -- 02/25/13 -- Nitro Petroleum Inc. (OTCBB: NTRO) is pleased to announce it has successfully completed the Branch #1 well into the upper Viola formation. The well is currently flowing and pumping approximately 147 BOPD and 302 MCF P/D. Based on the current producing rate, the company is estimating its net revenue will increase by $109,182.00 per month. Nitro expects the producing rate to continue to improve as a result of additional Frac fluids being removed from the well. When the well was completed, it was fracked with 6000 BBLS of fluid and to date we have recovered approximately 4,000 BBLS of Frac fluid.

Nitro has targeted 3 additional completions in the Branch #1 well, the first being the lower Viola formation. The company plans to complete and comingle the production with existing production in the near future. Also, we still have the 1st Bromide Sand and the Deese Sands behind the pipe. The company is estimating the combined production from the additional formations would add approximately 150 BOPD and 220 MCF P/D. We believe the additional production would increase Nitro's monthly revenue by an additional $ 101,162 per month.

Respectfully,

James Borem, President

Nitro Petroleum Inc.



Contacts:
Nitro Petroleum Inc.
Investor Relations
(405) 273-9119
(405) 273-9889 (FAX)

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Bereitgestellt von Benutzer: MARKETWIRE
Datum: 25.02.2013 - 15:11 Uhr
Sprache: Deutsch
News-ID 232900
Anzahl Zeichen: 4733

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SHAWNEE, OKLAHOMA

Kategorie:

Oil & Gas

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