Nitro Petroleum, Inc. Sells Interests in Corsicana, Texas
Nitro Petroleum, Inc. wishes to announce that the Company has sold its entire Working Interest ownership in Corsicana, Navarro County, Texas to JMT Resources Ltd.
This agreement is effective January 31st. 2007.
Nitro will continue with the working interests in numerous wells in the Barnett Shale properties located in Cooke County, Texas.
The Company will employ the proceeds of this sale to pursue further Oil & Gas developments in the State of Oklahoma.
Nitro’s objective is to seek out and develop opportunities in the Oil and Natural Gas sectors that represent a low risk opportunity. As well, Nitro aims to define larger projects that can be developed with Joint Venture partners. Nitro is confident that these viable opportunities exist in a sector that holds long-term fundamental strength.
Nitro intends to exploit energy exploration opportunities through various partnerships available throughout the Southern United States and in doing so build significant Oil and Natural Gas reserves and capital appreciation to its shareholders.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.
Contacts: Nitro Petroleum, Inc. Andrea Bleasdale Investor Relations Toll Free: 1-888-740-7276