To implement the purchase of Buccaneer’s interest, Nitro will issue restricted shares to Buccaneer from the pool of share. Nitro Petroleum will be the operator of the entire oilfield leases acquired from HoCo, a private energy company, and Buccaneer.
Larry Wise, president and CEO of Nitro Petroleum, said: The inclusion of the Buccaneer interest is a major step for Nitro whereby, as sole operator can proceed with the remedial well workovers, secondary recovery projects and to implement plans for the offset well drilling program. Furthermore, the addition of this working interest will be significant to Nitro’s cash flow from these leases.
