Larry Wise, President of Nitro Petroleum, Inc., advised the shareholders that Nitro has signed an agreement with Toro Ventures Inc. of Seattle, Washington regarding the Quinlan Lease in Pottawatomie County, Oklahoma.
Toro is acquiring a 60% working interest in the Quinlan Lease for a turnkey investment of $450,000. Nitro intends to drill up to four new wells to an estimated depth of 4,400 feet on the Quinlan Lease. The agreement contemplates that Nitro will begin the drilling program on the Quinlan Lease in April 2008.
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. Nitro will remain as operator of the wells on the Quinlan Lease. Larry Wise, CEO of Nitro Petroleum, Inc., stated, "We are ready to mobilize a Rig to the proposed drill location as soon as possible."
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