In conjunction with the company news release on February 12, 2008 whereby Nitro Petroleum acquired a 25% working interest in several producing leases owned by HOCO Oil, Inc. in Oklahoma, Nitro has entered into a purchase agreement to acquire the additional interests in these leases which are owned by Buccaneer Energy Inc.
In order to implement the purchase of Buccaneer's interest, Nitro will issue restricted shares to Buccaneer from the pool of shares mentioned in the February 12th news release.
Nitro Petroleum Inc. will be the operator of the entire oilfield leases acquired from HOCO and Buccaneer.
Larry Wise, President and CEO, stated, "The inclusion of the Buccaneer interest is a major step for Nitro whereby, as sole operator can proceed with the remedial well workovers, secondary recovery projects and to implement plans for the offset well drilling program. Furthermore, the addition of this working interest will be significant to Nitro's cash flow from these leases."
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