The Nitro Petroleum Board of Directors has announced that effective October 1, 2009, Larry Wise has resigned as President of Nitro Petroleum Inc. The Company wishes to thank Larry for his hard work and dedication and to wish him success in his future endeavors.
The Nitro board is pleased to advise that Mr. James G. Borem of Tulsa, Oklahoma has been appointed as President and Interim Chief Financial Officer. James Borem has a most impressive forty year history in the administration sectors of the petroleum industry. His arena of experience includes, petroleum valuations and development, financing, budgeting, marketing, materials procurement and risk management.
A summary of Mr. Borem's employment includes senior management positions with Sun Oil, Eastern Pipeline Company, Andover Oil Company, Vintage Petroleum, Latex Resources, Double Eagle Petroleum and Comanche Energy.
Mr. Borem is at present the President of two private oil and gas service and production companies in Oklahoma. His vast background in oil and gas administration and finance will instill a substantial asset to the management structure of Nitro.
Jim Borem comments that the company initiatives will focus on current and capital funding, and a critical review of the existing operations. In addition, he stated that within their organization, they have access to and will pursue several development and acquisition opportunities.
In conjunction with the re-organization, Mr. Borem advises that Shane Broesky will resign as Chief Financial Officer and will remain as a Director. In addition, Sharon Farris has resigned as a Director. Mr. Borem anticipates that the executive structure and the board of directors will be expanded in the near future.
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