Core Resource Management, Inc. has entered into a Preliminary Agreement to acquire NITRO Petroleum, Inc. (NITRO), that holds undervalued drilling prospects in the mid-continent region of the United States.

NTRO and CRMI have signed an Exclusivity agreement governing the stand-still period during the time prior to closing and pending regulatory approval.

The agreement stipulates that CRMI will fund the purchase of NTRO Capital Stock with CRMI shares. The merger will be transacted through a wholly owned subsidiary of CRMI, with NTRO becoming a wholly owned subsidiary of CRMI.

Tags: Core Resource Management, Nitro Petroleum