Nitro Petroleum, Inc. Purchases Buccaneer Energy Corp. Oil Assets
Posted on: Friday, 29 February 2008, 18:00 CST
Nitro Petroleum, Inc. (OTCBB: NTRO) -
Nitro is please to announce they have completed the purchase of Buccaneer Energy Corp. oil assets. Over 80% of these wells are part of the HoCo purchase. This provides Nitro with between 95% to 100% ownership by acquiring Buccaneer Energy Corp. along with the infield drilling site and the rework programs on our existing production.
To implement the purchase of Buccaneer's interest, Nitro will issue restricted shares to Buccaneer from the pool of shares mentioned in the February 12th news release.
Nitro Petroleum, Inc. will be the operator of the entire oilfield leases acquired from HOCO and Buccaneer.
Larry Wise, President and CEO, stated, "The inclusion of the Buccaneer interest is a major step for Nitro whereby, as sole operator can proceed with the remedial well workovers, secondary recovery projects and to implement plans for the offset well drilling program. Furthermore, the addition of this working interest will be significant to Nitro's cash flow from these leases."
About Buccaneer Energy Corp.:
The Company is located in Texas and has holding of Oil and Gas interests in several Southern States. Buccaneer Energy Corp. was incorporated in 2004.
About Nitro:
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. Larry Wise Investor Relations Toll Free: 1-888-805-6876 Website: www.nitropetroleum.com
SOURCE: Nitro Petroleum, Inc.
Source: MARKET WIRE
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