Nitro Petroleum Incorporated Tests First Alberta Well and Participates in Second Well Friday, June 12 2009 - 12:30
NTRO $0.0425 $0.0075 (%21.43)
OKLAHOMA CITY, OKLAHOMA -- (MARKET WIRE) -- 06/12/09 --
Nitro Petroleum Incorporated (OTCBB: NTRO) is pleased to announce that it has completed testing on its first Alberta well. On June 5, 2009, Nitro announced it was participating in a two well project. The first well has completed testing. The meters were pulled on June 9th and the well pressured back up to approximately 1100 psi. The data from the meters will be analyzed to get an accurate estimate of reserve potential with the production testing indicating a flow rate of 700,000 cubic feet of gas per day including hydrocarbon liquids. The Banff structure, where the pay zone is for this well can contain very large natural gas reservoirs and Nitro will do some further testing of multiple zones. This lease also provides Nitro an opportunity to participate in three additional wells.
Larry Wise, President of Nitro, stated, "These two leases give Nitro a significant entry into the oil and gas business in Central Alberta. Not only do we have interests in two prolific producing oil and gas locations but our expansion opportunities at these two leases are significant."
The second well is a re-completion of an existing cased well. The re-completion comprises of running tubing and tying the well to the operator's existing pipeline. The Elerslie zone was fractured and the initial flow rates from this well were over 1,000,000 cubic feet of gas per day. The logs also indicate an oil zone in the middle Manville structure which the operator intends on perfing and testing. Final production rates will be released when they are available.
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