Larry Wise, the President of Nitro Petroleum, announced that the Company has completed the Crown Lease project. This oilfield development project is located in Pottawatomie County, Oklahoma.
Nitro will carry out remedial reworks on Crown #1 and #3. The wells will be re-entered and re-equipped in the Hunton, Lime and 1st Wilcox Sand. A third well will be converted into a salt water disposal well.
In addition the rework program is to include installing tank battery systems, electrification, and lying of pipelines and all necessary equipment to put the wells back in production.
The company has the availability to drill two new wells on the Crown Lease.
Nitro will have a working interest in all future production. Nitro will be the Operator of this project.
As a result of the farm in by Toro Ventures, Inc., Nitro will earn varying working interests in the existing well bores and future offset wells to be drilled. Cash flow from this partnership will enable Nitro to pursue additional Oil & Gas projects.
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