President Larry Wise announced that Nitro Petroleum Inc, along with its partner Toro Ventures, Inc., completed the Crown Lease project located in Pottawatomie County, Oklahoma. Nitro Petroleum holds a 40% working interest in the Crown Lease project, while Toro Ventures Inc. maintains a 60% working interest. Although Toro has a larger interest, Nitro Petroleum will be the Operator of the project and will retain a working interest in all future production at the location. There is already an option to drill two new wells at the Crown Lease location.
Rework projects still need to be performed at the Crown location. Nitro Petroleum plans on re-entering and re-equipping two wells (named Crown #1 and Crown #3) in the Hunton, Lime, and 1st Wilcox Sand. One additional well at the location will be transformed into a salt-water disposal well. To get the wells into production, the installation of tank battery systems, updated electrical systems, and the laying of pipelines will be completed as part of the rework project.
Nitro Petroleum is also currently working on two other projects in Oklahoma: the East Mooreland Lease and the West Mooreland Lease. The East Mooreland Lease is located on property that produced oil in the 1920’s. Due to new technology, Nitro Petroleum anticipates the ability to extract additional oil at a deeper depth from this location. The West Mooreland Lease consists of multiple primary bores that were previously abandoned due to cost, but can now be reworked into a full production site.
Nitro Petroleum is a natural resource company that focuses on the development of joint venture properties in productive areas and the redevelopment of mature fields through the use of newer technology. Nitro Petroleum plans to continue to expand, develop, and explore oil and natural gas reserves in the Southern United States.
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