Nitro Petroleum Incorporated: News Release
OKLAHOMA CITY, OKLAHOMA--(Marketwire - Jan. 19, 2011) - Nitro Petroleum Incorporated (OTCBB:NTRO) -
Nitro Petroleum is pleased to announce: During the year of 2010 the management has been primary focused on improving the company balance sheet, increasing the reserve value, improving the cash flow and reducing operating expenses.
Revenue: For the three months ended October, 2010 the company increased its revenue by 51% compared to the three months ending October 2009. For the three months ended October 31, 2010, the company had revenue of $51,606 as compared to $34,188 for the three months ended October 31, 2009. For the nine months ending October 31, 2010. The company increased its revenue by 34% compared to the nine months ending October 2009. For the nine months ended October 31, 2010, the company had revenue of $120,124 as compared to $89,854 for the nine months ended October 31, 2009.
Expenses: For the three months ending October 2010 the company reduced its expenses by 31%, compared to its expenses for the three months ending in October 2009. The cost of continued operations for the three months ended October 31, 2010 was $141,850 as compared to the cost of continued operations for the three months ended October 31, 2009 was $277,525. For the nine months ending October 2010 the company reduced its expenses by 40% compared to its expenses for the nine months ending October 2009. The cost of continued operations for the nine months ended October 31, 2010 was $488,630 as compared to the cost of continued operations for the nine months ended October 31, 2009 was $820,011.
The company believes that future revenues will continue to increase and foresee further reductions in operating costs for the year of 2011.
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 www.nitropetroleuminc.com.
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.
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Posted by admin on Feb 4, 2011
http://www.nitropetroleuminc.com/blog/view/..._Petroleum_Incorporated
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