HotOTC Featured Company: Nitro Petroleum Inc. (NTRO.OB) Added to Watch List after Recent Share Cancellation
Nitro Petroleum Incorporated announced on Tuesday that it had received an irrevocable letter of intent from the major shareholder of the company whereby 100,000,000 restricted shares will be returned to the company for cancellation. Today, the announcement came that those 100 million shares have been cancelled and will be returned to treasury stock. The cancellation of those 100 million shares resulted in a 67% reduction in company's total outstanding shares, leaving the company with only 48,540,000 shares of common stock outstanding. Nitro is a small to midsized independent energy company that actively engages in the acquisition and development of oil…
