Nitro Petroleum, Inc. is pleased to announce that it has 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. This would represent a two thirds reduction in outstanding shares. The cancellation is subject to regulatory approval.
The corporate attorney has been instructed to proceed with the necessary submissions for the share cancellation process.
Larry Wise, President of Nitro, explains that the offer to cancel this stock is a major step for Nitro whereby potential financing opportunities are significantly enhanced to fund future oil and gas resource acquisitions and development.
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.
Investor Relations
Toll Free: 1-888-805-6876
Website: www.nitropetroleum.com