Nitro Petroleum Provides Update on Sharon #1 Well
Nitro Petroleum's Sharon # 1 well in North Pauls Valley, Oklahoma was drilled to 4300 feet to test the Oil Creek sand formation. The North Paul Valley prospect is located in Garvin County. Nitro Petroleum has a 6.375% gross working interest in this well.
The well was tested on July 4th, 2007 and has been on-line producing since July 17th, 2007. Production from the well to date has exceeded 10 million cf of gas and is currently producing at an average rate of 40 bbls of oil and 330,000 cf of gas a day.
Nitro Petroleum, Inc. is currently negotiating to purchase existing well bores for behind pipe reservoirs, re-quipping and re-working existing wells for enhancing production.