Nitro Petroleum Acquisition of HOCO Oil Finalized
Larry Wise, President and CEO of Nitro Petroleum, reported that Nitro has acquired a 25% working interest in several leases owned by HOCO Oil, Inc., a private corporation. The leases are located in the State of Oklahoma and include 7 producing wells. Nitro will issue up to 1,344,877 restricted shares as total payment. Furthermore, Larry Wise stated, "The lease acquisitions offer an opportunity to participate in a number of offset development wells. In addition, remedial work will be carried out immediately on existing wells for production enhancement. A water flood program will commence for reservoir stimulation to further increase recovery on existing and future wells." Nitro Petroleum, Inc. is the operator on the acquired leases. Net cash flow from production will enable Nitro to join in the future development of these leases and to pursue other oil and gas opportunities.