Nitro Announces Its Year End Results
(firmenpresse) - OKLAHOMA CITY, OKLAHOMA -- (Marketwire) -- 08/24/11 -- Nitro Petroleum Incorporated (OTCBB: NTRO) -
Nitro Petroleum is pleased to announce its year-end results. The company has now completed some of the short and long term plans. We are looking forward to the upcoming year; the management believes it will continue to improve the balance sheet by increasing its revenues and cash flow. Summarized below is a comparison of year ending January 31, 2010 and year ending January 31, 2011.
Reserves: For the twelve months ended January 31, 2011 the company increased its proved reserve base by 430%. For the twelve months ended January 31, 2011 the company proved reserves are $2,852,984, present worth discounted by 10%. Compared to the twelve months ended January 31, 2010. The company's reserves were $537,921 present worth discounted by 10%.
Oil and Gas Reserve Value: 1/31/10 to 1/31/11, Total Proved 1/31/2010 = $537,921.00, Total Proved 1/31/2011 = $2,852,984.00, Total Increase = $2,315,063.00
Revenue: For the twelve months ended January 31, 2011 the company increased its revenue by 20.1% compared to the twelve months ending January 31, 2010.
Expenses: For the twelve months ending January 31, 2011 the company reduced its expenses by 20.2% compared to its expenses for the twelve months ending in January 31, 2010.
Debt: The company reduced its debt and revenue payable by $478,018
About Nitro Petroleum: Nitro Petroleum Incorporated is an independent, energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States and Canada. 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. More information about the company is available at .
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. We do not intend to, and undertake no duty to, update any such forward looking statements to reflect the impact of circumstances or events that arise after the date such forward looking statements were made.
Contacts:
Nitro Petroleum Incorporated
Investor Relations
405-273-9119
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Datum: 24.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 1033410
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OKLAHOMA CITY, OKLAHOMA
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Oil & Gas
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