Nitro Petroleum, Inc.-Updates Shareholders on Quinlan #3 Well-Oklahoma
Nitro Petroleum, Inc. reports today that the Company has successfully completed the Quinlan #3 well in the Hunton Limestone formation. This well has been on line for three weeks and has gross revenues of $3600.00 USD per day. Nitro is the operator of the well and has shipped the first load of oil on July 30, 2008. Once the Company has determined the amount of fluid this well is capable of producing Nitro will then decide to comingle the Simpson Dolomite zone with the Hunton Limestone. Nitro also has been re-equipping its Salt water disposal well to be able to increase the water input which would allow Nitro to produce more oil. Once these zones are comingled it is expected that this well should produce 1500 barrels of water with an 8% Oil cut. Nitro plans on completing all work on the Quinlan field in the next thirty days.
Nitro Petroleum, Inc. is an independent, energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the Southern United States. 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.
