Larry Wise, President of Nitro Petroleum, Inc., reported that Nitro has entered into negotiations and has prepared a letter of intent for the new drilling project in Pottawatomie County with Toro Ventures Inc. of Seattle, Washington.
The letter of Intent contemplates that the Drilling Program will commence on or before April 1, 2008.
This is a turnkey agreement whereby Toro will acquire a 60% working interest.
The pending agreement provides that Nitro will remain as Operator.
Nitro intends to drill up to four new wells on the Quinlan Lease as a fully functional oil and gas production lease. These will be drilled to a depth of approximately 4400 feet.
The anticipated work program shall include equipping well sites, electrifying the lease, installation and laying of water and production lines on the lease deepens wells to alternative zones for the enhancement of the lease production or the disposal or injection of water.
Larry Wise, CEO of Nitro Petroleum, Inc., stated, "From all of the past data gathered on this property the company feels very positive about the proposed drill locations."
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