Nitro Petroleum Inc reports return of restricted shares to treasury

Wed. March 19, 2008; Posted: 07:40 AM

Mar 19, 2008 (M2 EQUITYBITES via COMTEX) -- NTROE | news | PowerRating | PR Charts -- Nitro Petroleum Inc (OTCBB:NTRO.OB), which seeks out and develops opportunities in the oil and natural gas sectors, declared on 18 March the receipt of an irrevocable letter of intent from the company's major shareholder. The shareholder will return 100,000,000 restricted shares to the company's treasury for cancellation.

The cancellation of shares, subject to regulatory approval, will represent a two thirds reduction in the company's outstanding shares.

No financial details were disclosed.

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