Nitro Petroleum, Inc. has entered into a Binding Letter of Intent to be wholly acquired by Core Resource Management, a Phoenix-based oil & gas company engaged in the acquisition of existing oil & gas production in partnership with established oil & gas operators in Texas and the Southwest. In addition, NTRO and CRMI have executed an Exclusivity agreement governing the stand-still period during the time prior to closing and pending regulatory approval.
This merger will provide Nitro shareholders with a Premium value to the current share price. For every 10.5 shares of NTRO, the shareholder will receive 1 share of CRMI. That 10.5 to 1 ratio provides an instant premium as marked to market within the shareholders new holdings.