Nitro Petroleum Incorporated: Financial Conditions and Results of Operations
OKLAHOMA CITY, OKLAHOMA -- (Marketwire) -- 03/14/12 -- Nitro Petroleum Incorporated (OTCBB: NTRO) -
Nitro Petroleum Inc. is pleased to announce that the Company's annual financials for the year end 1/31/2012 is now available for review.
Financial conditions and results of operations:
For the fiscal year ended January 31, 2012. The Company had revenue of $533,077 from the production of Oil and Gas, as compared to $144,112 for the fiscal year ended January 31, 2011.
The twelve months ended January 31, 2012; the Company has increased its revenue by 369% compared to the twelve months ending January 31, 2011.
Operational expenses for the twelve months ending January 31, 2012 was $531,323 resulting in a net loss for the period of $296,588. Operational expense for the twelve months ending January 31, 2011 was $761,483 resulting in a net loss for the period of $536,216.
The twelve months ended January 31, 2012; the Company has reduced its operating expenses by 30.2%.
We are currently having the Company's oil and gas reserves evaluated and we will announce the results soon.
This is a very exciting time for Nitro Petroleum Inc., as we believe this year the Company will be in a positive cash flow status, and in addition the company has three additional re-completion opportunities and a drilling prospect that it is to start this year. Thanks you for your continued support.
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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