Nitro Petroleum Inc., (OTCBB: NTRO.OB) Nitro Petroleum Incorporated, a development stage company, engages in the acquisition and exploration of oil and gas properties in the United States. Its objective is to seek out opportunites in the energy sector that are low risk opportunities with significant potential, both with joint ventures or independently.
The Quinlan #1, Quinlan #2, and Quinlan #3 wells are located in the Northeast Shawnee Field in Pottawatomie County, Oklahoma. NTRO is the operator on this field and chose to upgrade these 3 wells first which includes re-works on mechanical equipment down hole and chemical treatments which will happen within the next thirty days on the Quinlan #1 and Quinlan #2 wells.
Furthermore, the Ward-McNeil well located in Section 27, T3N, R1W, Garvin County, Oklahoma is now ready for a fracture treatment. NTRO is the Operator on this project and their Geologist has identified a potential pay zone in the Viola Limestone formation.
** Oklahoma is one of the major oil-producing States in the Country, with an annual production typically accounting for more than 3% of total U.S. production in recent years. Crude oil wells and pipeline systems are concentrated in Central Oklahoma, although drilling activity takes place in the panhandle.
With the oil spill in the Gulf of Mexico pumping out at least 210,000 gallons of oil a day, that threatens marine life and has spread as far as Europe and the arctic, the importance of land wells as opposed to offshore wells becomes obvious.
Chevron Corp. (NYSE:CVX) has uncovered new evidence that Ecuadorian court appointee Richard Cabrera, the so-called “independent expert” claiming that Chevron should pay $27 billion in damages, has had ongoing and surreptitious contacts with plaintiffs’ representatives and that a substantial portion of Cabrera’s court-ordered analysis is based on materials that could only have been provided by the plaintiffs’ representatives outside of the court proceeding. Additional new evidence shows that Cabrera allowed his supposedly independent assistants to work directly with the plaintiffs’ lawyers. Chevron made a filing in Ecuador on Friday informing the court of this new evidence of misconduct.
Encana Corporation (TSX & NYSE: ECA) over the last two years, has assembled a significant land position on a promising new natural gas shale play in Michigan. The company’s first exploration well delivered encouraging test results. Encana has acquired about 250,000 net acres of land on the Collingwood shale play at an average cost of about $150 per acre, which is well below prices paid at the state’s most recent land sale earlier this week.
International Fuel Technology, Inc. (IFT) (OTCBB:IFUE.OB)
Lubrichim has been purchasing IFT additive formulations since 2007 for repacking and distribution under the AutoPlus brand name. Lubrichim has also been pursuing partnerships with other distribution companies to expand distribution of IFT fuel additive formulations through the AutoPlus brand name.
ConocoPhillips (NYSE:COP)recently announced that Jeff Sheets, currently senior vice president, Planning & Strategy, will become senior vice president, Commercial and Planning & Strategy. In this expanded role, he will assume responsibilities for global commercial activities in addition to his current planning and strategy responsibilities. Sheets will continue to report to Jim Mulva, chairman and chief executive officer, and will continue as a member of the ConocoPhillips management committee.
ConocoPhillips is an integrated energy company with interests around the world. For more information, including a complete look at ConocoPhillips’
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