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There is important news coming from Nitro Petroleum, Inc. (OTCBB: NTRO), and the company continues to be a "must see" for investors. Yesterday after the markets closed, the company issued a press release announcing that it has received an irrevocable letter of intent from the major shareholder of the company whereby 100,000,000 restricted shares will be returned to the company for cancellation.
This is good news for the company! According to the release, this would represent a two thirds reduction in outstanding shares. The cancellation is subject to regulatory approval. The corporate attorney has been instructed to proceed with the necessary submissions for the share cancellation process.
Larry Wise, President of Nitro, explains that the offer to cancel this stock is a major step for Nitro whereby potential financing opportunities are significantly enhanced to fund future oil and gas resource acquisitions and development.
Investors are urged to continue to monitor the progress of the company! Last week, Larry Wise, President of Nitro Petroleum, Inc., announced that Nitro has entered into negotiations and has prepared a letter of intent for the new drilling project in Pottawatomie County with Toro Ventures Inc. of Seattle, Washington.
The stock closed Tuesday at Twenty Six cents a share.
For Wall Street News Alert's in-depth profile of Nitro Petroleum, Inc., visit http://www.WallStreetNewsAlert.com/HotStocks/NTRO031808/default.aspx In case you are not familiar with the company: 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. Nitro is confident that these viable opportunities exist in a sector that holds long-term fundamental strength.
Nitro intends to exploit energy exploration opportunities through various partnerships available throughout the Southern United States and in doing so build significant Oil and Natural Gas reserves and capital appreciation to its shareholders.
FTS Group, Inc. (OTCBB: FLIP | news | PowerRating | PR Charts ) up 19.5% on 42.4 million shares traded.
FTS Group, Inc. (www.FTSGroup.com) is a publicly traded acquisition and development Company focused on acquiring, developing and investing in cash flow positive businesses and viable business ventures, primarily those in the Technology, Wireless and Internet space. On March 18th, the company announced that it has closed the non-dilutive asset purchase of roughly the 26th largest Canadian Based IT solutions provider for $4 Million in debt assumption and note issuances, no shares either common or preferred were issued.
Thorium Power, Ltd. (OTCBB: THPW | news | PowerRating | PR Charts ) down 5.2% on 1.3 million shares traded.
Thorium Power is a pioneering U.S. nuclear energy company based in McLean, VA. The Company develops non-proliferative nuclear fuel technology and provides comprehensive advisory services for emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. On March 18th, the company announced that it has entered into a follow-on agreement for consulting and strategic advisory services with a foreign government-owned entity. Thorium Power will manage high-priority planning activities in the country's feasibility evaluation of a future nuclear energy program.
Victory Energy Corporation (OTCBB: VYEY | news | PowerRating | PR Charts ) up 2.2% on 1.2 million shares traded.
Victory Energy Corporation (http://www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry. On March 17th, the company announced that it has started drilling the 3rd gas well, bringing the total wells to 9 that the Corporation has in its gas play, located in the Texas Permian Basin.
Market Commentary: "Stocks soared on Tuesday as stronger-than-expected earnings from two big investment banks, together with the Federal Reserve's decision to cut interest rates by three-quarters of a percentage point, sent the Dow Jones industrial average up 420 points, its biggest one-day point gain in more than five years," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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