Nitro Petroleum has completed 2 wells on the Nancy Hubbard Project. The company acquired these leases in September, 2008 which are located in Pottawatomie County, Oklahoma. Nitro Petroleum, Inc. is the Operator of this entire project. This project involves 4 wells and one salt water disposal well. A frac was performed on the first well, the Nancy Hubbard well, at a depth of 5,300 feet in the Hunton Limestone formation, which is a very prolific pay zone in this area. The company is very pleased with the initial results. Final production numbers are presently being determined and will be reported as soon as possible.
The second well, Krouch #1, was originally drilled in 1958 but has never had a frac performed. Nitro completed a major frac and this well is now on line and producing. The company is very pleased with the initial results of this operation as the well tested at 76 BPD in the first 48 hours. Final production number will be determined once the frac water is pumped out.
The next 2 wells, Krouch # 2 and the Walker well, will also be re-worked within the next 30 days. Nitro will deepen the Krouch well to the 1st Wilcox Sand to increase oil production. In addition to the Nancy Hubbard re-work and the Krouch well, Nitro will re-equip and Frac the Hunton Limestone in the Walker well.
Larry Wise, President of Nitro, commented that once all four wells of this project are completed and in full production that this project will add significantly to the company's oil production and cash flow. Larry stated, "This project is a low risk winner that will add cash flow stability to the company and allow us to pursue larger projects."
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