Nitro Enters Final Negotiations for Ok. Wells
Nitro Petroleum has entered into final negotiations with lease owners in Garvin County, Oklahoma. The leases consist of three production well locations supplemented by a water disposal well. Engineering and log information indicates possible dual reservoir opportunities in addition to the current production reservoirs.
The locations under negotiation are the Plummer #1 and Fuller #2, both producing from the Viola Limestone and Fuller #2 producing from the Deese Reservoir. Both the Viola and the Deese geologies have impressive production histories.
James Borem, President of Nitro Petroleum commented that this is high gravity crude with water disposal facilities, each well holds a 40 acre tract. Borem further stated that the large production leases will enable possible dual completions.
With crude oil prices currently in excess of seventy five dollars and expected to rise, the company president stated that leases with this potential are extremely important for growth, company cash flow and expansion opportunities.
Nitro has the engineering and scouting team which will continue to search out further oil and gas production and exploration acquisitions in Oklahoma, Texas and other southern states.