Nitro Petroleum, Inc. reported 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."
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