Las Vegas-based Nitro Petroleum, Inc. has announced that it has completed the sale to Rife Energy Corporation of its Corsicana properties in Texas. Nitro will be using the funds from the Corsicana sale to acquire new properties in Pottawatomie County, Oklahoma.
The properties in the Pottawatomie County are wells that have been previously drilled and completed in the Hunton Lime. Nitro will re-equip the wells and have them put back online; at this point Nitro will have two producing properties and a saltwater disposal well. Nitro will be clearing title and re-leasing the properties and have all paper work cleared within the next 30 to 45 days and anticipates it taking approximately 10 days to have the wells online. More details will be released as they become available.