SHAWNEE, OKLAMHOMA--(Marketwire - August 14, 2012) - Nitro Petroleum Incorporated (OTCBB:NTRO) -
We apologize for the reporting delay on results for the Quinlan project. The delay was primarily due to dry weather conditions, which caused a wild fire on the Quinlan lease causing some damage. We are pleased to report that the Quinlan lease has been restored and is producing. The last well came online on 8/10/2012 at 3:00p.m. The wells are currently producing approximately 40 to 42 BOPD. We are still waiting for the Quinlan #1 to stabilize. We believe once the Quinlan #1 has stabilized, the production for the lease could increase to approximately 50 to 55 BOPD.
Quinlan #1 Well = 6 BOPD x 21% W.I. = 1.26 BOPD
Quinlan #2 Well = 19 BOPD x 39% W.I. = 7.41 BOPD
Quinlan #3 Well = 17 BOPD x 49% W.I = 8.33 BOPD
The company is estimating that our monthly cash flow will improve by approximately $45,900 per month from the Quinlan wells. The company is now preparing to move to our next project, the drilling of the Branch #1 well. The company is very excited about this drilling prospect. The well could add substantial reserves and could possibly double or triple the company cash flow.
Again we apologize for the delay on this update.