Nitro Petroleum, Inc. announced the completion of the purchase of Buccaneer Energy Corp. oil assets. Over 80% of these wells are part of the HoCo purchase. This provides Nitro with between 95% to 100% ownership by acquiring Buccaneer Energy Corp. along with the infield drilling site and the rework programs on its existing production.
To implement the purchase of Buccaneer's interest, Nitro will issue restricted shares to Buccaneer from a pool of shares.
Nitro Petroleum, Inc. will be the operator of the entire oilfield leases acquired from HOCO and Buccaneer.
Larry Wise, president and CEO, said, "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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