Nitro Petroleum has entered into purchase negotiations with multiple working interest participants for their ownerships in certain Oklahoma oil field assets. Nitro's management has had substantial prior history in the operation of these specific oil and gas properties and the Company views these negotiations as a unique opportunity to build reserves, increase cash flow and exploit potential remedial and new well expansions.
Nitro's President, James Borem, stated that, "Through these potential equity-based acquisitions we can profit from this proposal while at the same time enabling the present lease owners to participate in Nitro's stock as our Company continues to grow."
Commenting on an additional administrative matter, Mr. Borem has advised that Shane Broesky has resigned as a Director of the Company and wishes to thank him for his past contributions. Qualified persons are presently being interviewed as potential replacements.
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