0001285236 2013-04-30 0001285236 2013-01-31 0001285236 2013-02-01 2013-04-30 0001285236 2012-02-01 2012-04-30 0001285236 2012-01-31 0001285236 2012-04-30 0001285236 2013-06-14 0001285236 2012-10-01 2012-10-31 0001285236 2011-02-01 2012-01-31 0001285236 us-gaap:SubsequentEventMember 2013-05-01 2013-05-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

151517

160460

302506

148933

52337

2600

456623

361730

37250

39036

1111785

1015446

1605658

1416212

78069

78515

266077

190840

289299

303460

224915

309

882

937214

495152

44823

49843

982037

544995

5488

97711

7057936

1200

-6536314

-6192207

623621

871217

1605658

1416212

5488442

20000000

0.001

10000000

0.001

2454

105332

65810

17160

122492

82970

181438

123297

270579

14115

14582

7263

466599

144675

-344107

-61705

198071

-344107

136366

-344107

136366

-0.15

0.07

-0.13

0.07

2358759

2074242

2597022

2074242

13142

7263

198071

1440

153573

13407

2600

75237

-219881

78545

-90373

289299

-42617

-378103

364227

44609

-44609

364227

97711

1200

-446

15180

-17782

33935

78283

49115

-8943

35239

6199

41438

69546

6460

NITRO PETROLEUM INC. 10-Q --01-31 6044442 false 0001285236 Yes No Smaller Reporting Company No 2013 Q1 2013-04-30

Note 1     Interim Reporting The accompanying financial statements of Nitro Petroleum Incorporated (the “Company”) have not been audited by independent public accountants.  In the opinion of management, the accompanying financial statements reflect all adjustments necessary to present fairly our financial position at April 30, 2013 and our income and cash flows for the three months ended April 30, 2013. All such adjustments are of a normal recurring nature.  In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies.  Actual results may differ from those estimates.  The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed or omitted from these financial statements.  Accordingly, these financial statements should be read with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended January 31, 2013.

Note 2     Nature and Continuance of Operations The Company was incorporated in October 2003 in the State of Nevada and has established its corporate offices in Shawnee, Oklahoma.  On February 27, 2006, the Company changed its name from Ingenium Capital Corp. to Nitro Petroleum Incorporated.  The Company is engaged primarily in the acquisition, development, production, exploration for, and the sale of oil, gas and natural gas liquids.  All business activities are conducted in Texas and Oklahoma and the Company sells its oil and gas to a limited number of domestic purchasers. These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  As of April 30, 2013, the Company has not achieved profitable operations. The Company has accumulated losses of $6,536,314 since its inception, has a working capital deficiency of $480,591 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern.  The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.  Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related-party advances; however there is no assurance of additional funding being available.

-480591

Note 3     Oil and Gas Properties The Company follows the full cost method of accounting for oil and gas operations whereby all costs of exploring for and developing oil and gas reserves are initially capitalized on an aggregate (one cost center) basis.  Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling and overhead charges directly related to acquisition and exploration activities. Costs of acquiring and evaluating unproved properties are initially excluded from depletion calculations.  These unevaluated properties are assessed annually to ascertain whether impairment has occurred.  When proved reserves are assigned or the property is considered to be impaired, the cost of the property or the amount of the impairment is added to costs subject to depletion calculations. Future net cash flows from proved reserves using average monthly prices, non-escalated and net of future operating and development costs, are discounted to present value and compared to the carrying value of oil and gas properties.

Note 4     Reverse Stock Split Effective as of October 31, 2012, the Company effected a 1-for-100 reverse split (“Reverse Split”) of the Company’s common stock. Pursuant to the Reverse Split, the common stock was combined and reclassified based on a ratio of 100 shares of issued and outstanding common stock being combined and reclassified into one share of common stock.  Fractional shares were rounded up to the next whole share.  All share and per share amounts for common stock have been restated to reflect the Reverse Split on a retro-active basis.

1-for-100

Note 5     Related Party Transactions The Company paid management fees to various companies under the control of Executive Officers of the Company totaling $63,000 and $11,488, for the quarter ended April 30, 2013 and 2012, respectively. These management fees are included in general and administrative expenses.

63000

11488

Note 6     Subsequent Events The Company evaluated events through June 14, 2013 that warrant disclosure in the financial statements. The Company obtained additional financing of approximately $562,275 from sales of working interests and equity subscriptions after April 30, 2013, but before June 14, 2013.

562275