================================================================================

                                  NITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB


[] Quarterly Report Pursuant To Section 13 or 15(d) Of The Securities Exchange
   Act Of 1934
                 For the quarterly period ended April 30, 2007

                        COMMISSION FILE NUMBER 000-50932

                          NITRO PETROLEUM INCORPORATED
                          ----------------------------
                 (Name of small business issuer in its charter)


                      NEVADA                                98-0488493
-------------------------------------------------   ----------------------------
 (State or other jurisdiction of incorporation or        (I.R.S. Employer
               organization)                            Identification No.)


            260 - 7250 Express Way
               Oklahoma City, OK                               73132
------------------------------------------------   -----------------------------
   (Address of principal executive offices)                   (Zip Code)


                   405-728-3800
----------------------------------------------------
             Issuer's telephone number


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [x]      No []

Indicate by check mark whether the registrant is a shell  company (as defined in
Rule 12b-2 of the  Exchange  Act).  Yes []      No [x]

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of  the  latest  practicable  date.  148,040,000  shares  of  Common
Stock  as  of  June  4,  2007  Transitional  Small  Business  Disclosure  Format
(check one): Yes []    No [x]

<page>


ITEM 1. FINANCIAL STATEMENTS




                              NITRO PETROLEUM INC.

                          (A Development Stage Company)

                          INTERIM FINANCIAL STATEMENTS

                                 April 30, 2007

                             (Stated in US Dollars)

                                   (Unaudited)


<page>


                              NITRO PETROLEUM INC.
                          (A Development Stage Company)
                             INTERIM BALANCE SHEETS
                       April 30, 2007 and January 31, 2007
                             (Stated in US Dollars)
                                   (Unaudited)

<table>
<caption>
                                                                                     April 30,        January 31,
                                                     ASSETS                            2007               2007
                                                     ------                            ----               ----

                                                                              <c>                <c>
Current
    Cash                                                                         $        49,003    $       65,642
    Accounts receivable                                                                   46,242            34,640
    Settlement receivable - Note 3                                                       145,502           145,502
                                                                                 ---------------    --------------

                                                                                         240,747           245,784

Equipment - Note 5                                                                         1,650             1,737
Oil and gas properties - Schedule 1 and Note 3                                         1,531,173         1,531,591
                                                                                 ---------------    --------------

                                                                                 $     1,773,570    $    1,779,112
                                                                                 ===============    ==============

                                                     LIABILITIES

Current
    Accounts payable and accrued liabilities                                     $        92,938    $       90,922
    Promissory notes payable - Note 4                                                  2,343,668         2,321,873
    Due to related party - Note 7                                                          5,199             5,199
                                                                                 ---------------    --------------

                                                                                       2,441,805         2,417,994

                                               STOCKHOLDERS' DEFICIENCY

Capital stock
    Authorized:
      2,000,000,000 common stock, $0.001 par value
      10,000,000 preferred stock, $0.001 par value
    Issued and outstanding:
      148,540,000 common shares (January 31, 2007: 148,040,000)                          148,540           148,040
Stock subscriptions - Note 6                                                                   -           250,000
Additional paid-in capital                                                               630,839           294,160
Deficit accumulated during the development stage                                      (1,447,614)       (1,331,082)
                                                                                 ---------------    --------------

                                                                                        (668,235)         (638,882)
                                                                                 ---------------    --------------

                                                                                 $     1,773,570    $    1,779,112
                                                                                 ===============    ==============
</table>

                             SEE ACCOMPANYING NOTES

<page>



                              NITRO PETROLEUM INC.
                          (A Devlopment Stage Company)
                        INTERIM STATEMENTS OF OPERATIONS
                      for the three months ended April 30,
                  2007 and 2006 and for the period October 27,
                   2003 (Date of Inception) to April 30, 2007
                             (Stated in US Dollars)
                                   (Unaudited)


<table>
<caption>
                                                                                                     October 27,
                                                                                                    2003 (Date of
                                                                      Three months ended            Inception) to
                                                                          April 30,                   April 30,
                                                                   2007               2006              2007
                                                                   ----               ----              ----

                                                         <c>               <c>                 <c>
Revenue
    Oil and gas revenue                                      $        58,357   $             -    $       126,541
    Depletion                                                         (2,918)                -             (6,327)
                                                             ---------------   ---------------    ---------------

                                                                      55,439                 -            120,214
                                                             ---------------   ---------------    ---------------

Expenses
    Accounting and audit fees                                         18,333            28,170            107,551
    Amortization                                                          87                 -                280
    Bank charges and interest                                             85                24                807
    Consulting fee                                                         -                 -              5,000
    Filing fees                                                        5,059                 -             14,594
    Foreign exchange loss (gain)                                      (1,090)              231               (707)
    Impairment loss on oil and gas properties                              -                 -            454,498
    Investor relations                                                 6,612            14,611             34,558
    Legal fees                                                        16,891            51,298            253,807
    Management fees - Note 7                                           9,700             7,265             49,503
    Office and miscellaneous                                             637               138              8,558
    Promotion and entertainment                                            -                 -             18,335
    Transfer agent fees                                                2,915               643              9,988
    Travel                                                             3,768            13,265             35,010
                                                             ---------------   ---------------    ---------------

                                                                     (62,997)         (115,645)          (991,782)
                                                             ---------------   ---------------    ---------------

 Loss before other items                                              (7,558)         (115,645)          (871,568)

 Other Items
    Interest income                                                        -             3,630              3,652
    Interest expense - Note 4                                       (108,974)          (20,000)          (546,266)
                                                             ---------------   ---------------    ---------------

 Net loss for the period from continued operations                  (116,532)         (132,015)        (1,414,182)
 Discontinued operations                                                   -                 -            (33,432)
                                                             ---------------   ---------------    ---------------

 Net loss for the period                                     $      (116,532)  $      (132,015)   $    (1,447,614)
                                                             ===============   ===============    ===============

 Basic and diluted loss per share                            $         (0.00)  $        (0.00)
                                                             ===============   ==============

Weighted average number of shares outstanding                    148,540,000       148,040,000
                                                             ===============   ===============
</table>

                             SEE ACCOMPANYING NOTES
<page>

                              NITRO PETROLEUM INC.
                          (A Development Stage Company)
                        INTERIM STATEMENTS OF CASH FLOWS
                      for the three months ended April 30,
                  2007 and 2006 and for the period October 27,
                   2003 (Date of Inception) to April 30, 2007
                             (Stated in US Dollars)
                                   (Unaudited)


<table>
<caption>
                                                                                                      October 27,
                                                                                                     2003 (Date of
                                                                        Three months ended           Inception) to
                                                                            April 30,                  April 30,
                                                                      2007             2006              2007
                                                                      ----             ----              ----

                                                             <c>              <c>               <c>
Operating Activities
    Net loss for the period                                     $      (116,532) $      (132,015)  $    (1,447,614)
    Adjustments for items not effecting cash:
      Amortization                                                          87   -                             280
      Depletion                                                          2,918                 -             6,327
      Donated interest                                                  87,179                 -           437,179
      Loss on impairment of oil and gas properties                           -                 -           454,498
      Write off of advances from affiliate                                   -                 -            33,432
    Changes in non-cash working capital
      Accounts receivable                                              (11,602)                -           (46,242)
      Accounts payable and accrued liabilities                            2,016           (5,191)           92,938
                                                                ---------------  ---------------   ---------------

Cash used in operating activities                                       (35,934)        (137,206)         (469,202)
                                                                ---------------  ---------------   ---------------

Investing Activities
    Advances to affiliate                                                     -                -           (33,432)
    Acquisition of oil and gas properties                               (2,500)       (1,220,000)       (2,137,500)
    Purchase of equipment                                                     -                -            (1,930)
                                                                ---------------  ---------------   ---------------

Cash used in investing activities                                        (2,500)      (1,220,000)       (2,172,862)
                                                                ---------------  ---------------   ---------------

Financing Activities
    Issuance of common stock                                                  -        1,829,704            92,200
    Issuance of promissory notes payable                                 21,795                -         2,343,668
    Stock subscriptions                                                      -                 -           250,000
    Due to related party                                                      -                -             5,199
                                                                ---------------  ---------------   ---------------

Cash provided by financing activities                                    21,795        1,829,704         2,691,067
                                                                ---------------  ---------------   ---------------

Increase (decrease) in cash during the period                          (16,639)          472,498            49,003

Cash, beginning of the period                                            65,642           33,645                 -
                                                                ---------------  ---------------   ---------------

Cash, end of the period                                         $        49,003  $       506,143   $        49,003
                                                                ===============  ===============   ===============
</table>


                             SEE ACCOMPANYING NOTES
<page>



                              NITRO PETROLEUM INC.
                          (A Development Stage Company)
             INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
           from October 27, 2003 (Date of Inception) to April 30, 2007
                             (Stated in US Dollars)
                                   (Unaudited)

<table>
<caption>
                                                                                                          Cumulative
                                                                                             Deficit       Effect of
                                                                                           Accumulated     Foreign
                                                                               Additional  During the     Currency
                                            Common Shares        Stock          Paid-in   Development   Translation
                                      ----------------------
                                      *Number      *Par Value  Subscriptions    Capital      Stage       Adjustment    Total
                                       ------      ---------   -------------    -------      -----      ----------     -----

                                <c>           <c>            <c>           <c>           <c>            <C>         <c>
Capital stock issued for cash:
  - at $0.00005                    100,000,000   $    100,000   $       -    $   (95,000)   $      -        $      -   $    5,000
  - at $0.0005                      34,000,000         34,000           -        (17,000)          -               -       17,000
  - at $0.005                       14,040,000         14,040           -         56,160           -               -       70,200
Net loss for the period                      -              -           -              -     (17,045)              -      (17,045)
Foreign currency translation adjustment      -              -           -              -           -             277          277
                                   -----------   ------------   ---------    -----------    --------        ---------  ----------

Balance, as at January 31, 2004    148,040,000        148,040           -        (55,840)   (17,045)             277       75,432
Net loss for the year                        -              -           -              -    (57,733)               -      (57,733)
Foreign currency translation adjustment      -              -           -              -          -           (1,433)      (1,433)
                                   -----------   ------------   ---------    -----------    --------        ---------  -----------

Balance, as at January 31, 2005    148,040,000        148,040           -        (55,840)   (74,778)          (1,156)      16,266
Net loss from continuing operations          -              -           -              -    (73,788)               -      (73,788)
Net loss from discontinued operations        -              -           -              -     (9,233)           1,156       (8,077)
                                   -----------   ------------   ---------    -----------    --------        ---------  -----------

Balance, as at January 31, 2006    148,040,000        148,040           -        (55,840)  (157,799)               -      (65,599)

</table>
                                                                      .../cont'd



                             SEE ACCOMPANYING NOTES
<page>


                               NITRO PETROLEUM INC.                   Continued
                          (A Development Stage Company)
             INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
           from October 27, 2003 (Date of Inception) to April 30, 2007
                             (Stated in US Dollars)
                                   (Unaudited)

<table>
<caption>
                                                                                                          Cumulative
                                                                                             Deficit       Effect of
                                                                                           Accumulated     Foreign
                                                                               Additional  During the     Currency
                                            Common Shares        Stock          Paid-in   Development   Translation
                                      ----------------------
                                      *Number      *Par Value  Subscriptions    Capital      Stage       Adjustment    Total
                                       ------      ---------   -------------    -------      -----      ----------     -----

                                <c>           <c>            <c>           <c>           <c>          <C>         <c>

Stock subscriptions - Note 6                 -             -        250,000             -             -          -         250,000
Donated interest                             -             -              -       350,000             -          -         350,000
Net loss for the year                        -             -              -             -    (1,173,283)         -      (1,173,283)
                                   -----------   -----------    -----------    ----------    ----------   ---------   -------------

Balance, as at January 31, 2007    148,040,000       148,040        250,000       294,160    (1,331,082)         -        (638,882)
Share subscriptions - Note 6           500,000           500       (250,000)      249,500             -          -               -
Donated interest                             -             -              -        87,179             -          -          87,179
Net loss for the period                      -             -              -             -      (116,532)         -        (116,532)
                                   -----------   -----------    -----------    ----------    ----------   ---------   -------------

Balance, as at April 30, 2007      148,540,000   $   148,540    $         -    $  630,839   $(1,447,614)  $      -    $   (668,235)
                                   ===========   ===========    ===========    ==========   ============  ========    =============
</table>


* The number of common shares have been retroactively restated to reflect the
following:

1)   Forward split of four new shares for one old share, effective February 6,
     2006
2)   Forward split of five new shares for one old share, effective December 29,
     2006

The authorized common shares have also been increased from 100,000,000 to
2,000,000,000 as a result of these splits.



                             SEE ACCOMPANYING NOTES
<page>

                              NITRO PETROLEUM INC.                    Schedule 1
                          (A Development Stage Company)
                   INTERIM SCHEDULE OF OIL AND GAS PROPERTIES
           from October 27, 2003 (Date of Inception) to April 30, 2007
                             (Stated in US Dollars)
                                   (Unaudited)


<table>
<caption>

                          Barnett Barnett
                           Shale Lease     Phillip #2    Shale Wells      Inglish #1     Oklahoma      Corsicana          Total
                           -----------     ----------    -----------      ----------     --------      ---------          -----

                        <c>            <c>            <c>             <c>            <c>          <c>             <c>
Balance January 31, 2005   $           -  $         -    $         -   $          -     $         -   $          -    $          -
Additions                        300,000       80,000              -              -               -          10,000        390,000
                           -------------  -----------    -----------   ------------     -----------   -------------   ------------

Balance January 31, 2006         300,000       80,000              -              -               -          10,000        390,000
Additions                              -            -        750,000        135,000         270,000         590,000      1,745,000
Proceeds from settlement               -            -              -              -               -        (145,502)      (145,502)
Impairment                             -            -              -              -               -        (454,498)      (454,498)
Depletion                              -            -         (3,409)             -               -               -         (3,409)
                           -------------  -----------    -----------   ------------     -----------   -------------   ------------

Balance January 31, 2007         300,000       80,000        746,591        135,000         270,000               -      1,531,591
Additions                              -            -              -              -           2,500               -          2,500
Depletion                              -            -         (2,918)             -               -               -         (2,918)
                           -------------  -----------    -----------   ------------     -----------   -------------   ------------
Balance April 30, 2007     $     300,000  $    80,000    $   743,673   $    135,000     $   272,500   $           -    $ 1,531,173
                           =============  ===========    ===========   ============     ===========   =============    ============
</table>


                             SEE ACCOMPANYING NOTES
<page>



                              NITRO PETROLEUM INC.
                          (A Development Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                 April 30, 2007
                             (Stated in US Dollars)
                                   (Unaudited)


Note 1        Interim Reporting

              While the information  presented in the accompanying interim three
              months  financial   statements  is  unaudited,   it  includes  all
              adjustments which are, in the opinion of management,  necessary to
              present fairly the financial  position,  results of operations and
              cash  flows  for the  interim  periods  presented.  These  interim
              financial  statements  follow  the same  accounting  policies  and
              methods of their  application  as the  Company's  January 31, 2007
              annual  financial  statements.  All  adjustments  are of a  normal
              recurring  nature.  It is suggested  that these interim  financial
              statements be read in conjunction  with the Company's  January 31,
              2007 annual financial statements.

              Operating  results for the three  months  ended April 30, 2007 are
              not necessarily indicative of the results that can be expected for
              the year ended January 31, 2008.

Note 2        Continuance of Operations

              The Company is in the  development  stage and directly and through
              joint  ventures  is in the  process of  exploring  its oil and gas
              properties  located in the U.S.A.  The  recoverability  of amounts
              shown for oil and gas  properties are dependent upon the discovery
              of  economically   recoverable   reserves,   confirmation  of  the
              Company's  interest in the properties,  the ability of the Company
              to obtain necessary  finances to complete the development and upon
              future  profitable  production  or proceeds  from the  disposition
              thereof.

              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.  At April 30,
              2007, the Company had not yet achieved profitable operations,  has
              accumulated  losses  of  $1,447,614  since  its  inception,  has a
              working  capital  deficiency  of  $2,201,058  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.

<page>

Nitro Petroleum Inc.
(A Development Stage Company)
Notes to the Interim Consolidated Financial Statements
April 30, 2007
(Stated in US Dollars)
(Unaudited) - Page 2
 ---------

Note 2        Continuance of Operations - (cont'd)
              -------------------------

              The Company was  incorporated in the State of Nevada on
              October 27, 2003. On  February 27,  2006, the Company changed its
              name from Ingenium Capital Corp. to Nitro Petroleum Inc.

Note 3        Oil and Gas Properties - Schedule 1
              ----------------------

              a)  By  an  acreage  participation   agreement  effectively  dated
                  January  23,  2006,  the Company  acquired  50% of a leasehold
                  interest in mineral  leases known as the Barnett Shale play in
                  Montague County,  Texas for $300,000.  The Company is entitled
                  to a 1% overriding royalty,  $500 per acre bonus with drilling
                  commitments  and the  right to  participate  in a 25%  working
                  interest in wells drilled.

              b)  By a letter  agreement  dated  December 27, 2005,  the Company
                  acquired a 5% working  interest in the Phillips #2 well, equal
                  to a 3.75% net revenue  interest in the Barnett Shale Prospect
                  in Montague  County,  Texas for $80,000 (40 acres  burdened by
                  25% royalty and overriding royalty interests).  The Company is
                  also entitled to  participate  up to a 5% working  interest of
                  additional wells on adjoining acreage.

              c)  By a letter dated April 25,  2006,  the Company has acquired a
                  5% to 10%  working  interest,  equal to a 1.875%  to 3.75% net
                  revenue  interest  in  various  oil and gas  wells (in an area
                  known as the Barnett Shale play) in Montague County,  Texas in
                  consideration  for the  payment of  $750,000.  This letter has
                  substituted  the  use of the  $750,000  previously  paid  with
                  respect to a letter  agreement dated March 27, 2006, which was
                  terminated on April 27, 2006.

                  By agreement dated September 1, 2006, as extended  November 1,
                  2006 and  February  28,  2007,  the  Company  entered  into an
                  agreement whereby the Company disposed of 50% of the Company's
                  interest  in  certain  oil and gas  properties  located in the
                  Barnett Shale play in  consideration  for proceeds of $400,000
                  payable by way of a  promissory  note,  due October 31,  2007,
                  which  bares  interest  at 10% per annum and is  secured  by a
                  general  security  agreement.  As part of the  extension,  the
                  purchaser  agreed  to  issue  250,000  common  shares  to  the
                  Company.  The  Company  and the  purchaser  had a director  in
                  common. As the risks and other incidents of ownership have not
                  transferred to the purchaser with sufficient  certainty,  this
                  transaction   has  not  been  reflected  in  these   financial
                  statements.

              d)  Pursuant to an authority  for  expenditure  dated May 7, 2006,
                  the Company advanced $135,000 to acquire a 5% working interest
                  equal to a 3.75% net revenue interest in Inglish #1 Horizontal
                  well in Barnett Shale, Cooke County, Texas.

<page>

Nitro Petroleum Inc.
(A Development Stage Company)
Notes to the Interim Consolidated Financial Statements
April 30, 2007
(Stated in US Dollars)
(Unaudited) - Page 3
 ---------

Note 3        Oil and Gas Properties - Schedule 1 - (cont'd)
              ----------------------

              e)  By an asset purchase and sale agreement dated December
                  18,  2006,  the Company  acquired a 100%  ownership  interest,
                  equal  to a 78% net  revenue  interest  in  three  oil and gas
                  properties located in Nowata County, Oklahoma in consideration
                  for  $250,000.  The Company  also paid  $20,000  for  property
                  related expenses.  During the six months ended April 30, 2007,
                  the Company  advanced a further  $2,500 with  respect to these
                  properties.

              f)  By a letter of intent dated March 1, 2006,  the Company agreed
                  to acquire a 25%  interest in the  Corsicana  Pilot  Project -
                  Phase 1, Corsicana,  Texas in  consideration  for the payments
                  totaling  $750,000,  of  which  $410,000  has been  paid.  The
                  Company may pay $1,500,000 to fund additional  prospect leases
                  to earn an undivided 23.5% working interest and 35% net income
                  payback  until  it  has  returned  its  contributed   capital.
                  Pursuant to an authority for expenditure dated April 11, 2006,
                  the Company  acquired a 25% working  interest in the Pierce #1
                  and McKinney #2 lateral wells in Corsicana, Texas for $70,000.

                  The Company has committed to 50% of the seismic project in the
                  Corsicana field located in Corsicana,  Texas.  The Company has
                  advanced  $100,000  as at July 31,  2006 and will  advance  an
                  additional  $150,000  upon request by the  operating  parties,
                  however,  the remaining  funding will be due and payable on or
                  before March 31, 2008. This is a secondary  recovery  proposal
                  to enhance production from the Corsican Pilot project.

                  Pursuant to an authority for expenditure  dated June 15, 2006,
                  the Company advanced $20,000 to earn a 25% interest to acquire
                  and build a waste water disposal system in the Corsicana field
                  located in Corsicana, Texas.

                  The Company did not fund the  Corsicana  Pilot  project as set
                  forth in the Letter of Intent  dated March 1, 2006 and entered
                  into a settlement  agreement and mutual  release dated January
                  31, 2007 whereby the Company  agreed to assign its interest in
                  all Corsicana projects for a total consideration of $145,502.

Note 4        Promissory Notes Payable

              At April 30,  2007 the Company had  promissory  notes  outstanding
              totalling  $2,343,668  (January 31, 2007:  $2,321,873),  which are
              unsecured,  bear  interest  at 4% per annum and are due on demand.
              These notes are due from  companies  who are  shareholders  of the
              Company.  The  Company  has  determined  that  the  fair  value of
              interest would be $108,974 (January 31, 2007: $437,000),  which is
              in excess of the  stated  interest  actually  charged  by  $87,179
              (January 31, 2007: $350,000). This excess amount has been recorded
              by  the  Company  as  donated  interest,   which  is  included  in
              additional paid-in capital.

<page>

Nitro Petroleum Inc.
(A Development Stage Company)
Notes to the Interim Consolidated Financial Statements
April 30, 2007
(Stated in US Dollars)
(Unaudited) - Page 4
 ---------

Note 5        Equipment

                                                                     January 31,
                                    April 30, 2007                     2007
                       ---------------------------------------  ----------------
                                    Accumulated
                           Cost     Amortization     Net                Net

  Office furniture     $    1,930   $      280  $      1,650      $      1,737
                       ==========   ==========  ==============    ============


Note 6        Capital Stock

              Commitment:

              Stock Subscriptions

              By a  subscription  agreement  dated December 18, 2006 the Company
              agreed to issue 500,000  common shares of the Company at $0.50 per
              share and 500,000  common share purchase  warrants  exercisable at
              $0.75  per  share  until  December  18,  2009 for  total  proceeds
              received of  $250,000.  On February  1, 2007,  the Company  issued
              500,000 common shares and 500,000  common share purchase  warrants
              pursuant to this private placement.

Note 7        Related Party Transactions - Notes 2 and 3

              During the three months ended April 30, 2007, the Company incurred
              management  fees  charged  by a  significant  shareholder  of  the
              Company totaling $9,700 (2006: $7,265).

              Due to  related  party  is owing to the  former  President  of the
              Company for  advances to the  Company.  This amount is  unsecured,
              non-interest bearing and has no specific terms for repayment.

Note 8        Comparative Figures

              Certain  of the  comparative  figures  have been  reclassified  to
              conform with the current period's presentation.

<page>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Overview

The Company is an  exploration  stage  company  engaged in the  acquisition  and
exploration  of gas and oil  properties.  The Company is  attempting  to acquire
interest in the  properties  and working  interests in the  production  owned by
established oil and gas production companies,  whether public or private, in the
United States oil producing  areas.  The Company will ensure that the production
in which it invests is operated to internationally accepted standards.

The Company  intends to continue to acquire high quality oil and gas properties,
primarily  "proved  producing  and proved  undeveloped  reserves"  in the United
States. The Company sees significant  opportunities in acquiring properties with
proven  producing  reserves and  undeveloped  acreage in fields that have a long
history of  production.  The  Company  will also  explore  low-risk  development
drilling and work-over  opportunities  with experienced,  strong operators.  The
Company will attempt to finance oil and gas operations  through a combination of
privately placed debt and/or equity.  There can be no assurance that the Company
will be successful in finding financing, or even if financing is found, that the
Company will be  successful  in  acquiring  oil and/or gas assets that result in
profitable operations.

Nitro is continuing its efforts to identify and assess investment  opportunities
in oil and natural gas  properties,  utilizing  free labor of its  directors and
stockholders until such time as funding is sourced from the capital markets.  It
is  anticipated  that  funding  for the next  twelve  months will be required to
maintain  the  Company.  Attempts  are  ongoing to raise funds  through  private
placements  and said attempts will continue this year and  throughout  2007. The
Company may also use various  debt  instruments  as well as public  offerings to
raise needed capital.

Financial Condition and Results of Operations

For the  three-month  period ended April 30, 2007, the Company had a net loss of
approximately  $116,532,  as  compared  to  a  net  loss  of  $132,015  for  the
three-month  period ended April 30, 2006, a decrease of approximately  12%. This
decrease  in the net loss was the  result  of both the  receipt  of  revenue  of
approximately  $55,439  from  production  of oil and gas from the Barnett  Shale
properties,  as  compared to no revenue  for the fiscal  period  ended April 30,
2006,  and a decrease  in general and  administrative  expenses,  which  totaled
$62,997 for the three months ended April 30, 2007,  compared to $115,645 for the
three months ended April 30, 2006.  This decrease in general and  administrative
expenses was the result of decrease of audit,  legal and travel  expenses of the
Company.

General  and  administrative  expenses  consist  of  expenses related to general
corporate  functions  including  marketing expenses, professional and consultant
service expenses, development costs and travel.

<page>

Liquidity and Capital Resources

The  Company  had cash of  $49,003  as of April 30,  2007,  compared  to cash of
$65,642 as of January 31, 2007. The Company had a working capital  deficiency of
$2,201,058  as of April 30, 2007,  compared to a working  capital  deficiency of
$2,172,210 as of January 31, 2007.

Current  funds  available  to  the  Company  are  inadequate  for it to be fully
competitive  in the areas in which it intends to operate.  The Company will need
to raise  additional  funds in order to fully implement  its  business  plan and
is  currently  in the process of raising such  funds. However,  there  can be no
assurance that the Company will be successful in raising such additional funds.

Regardless of whether the  Company's  cash assets prove to be inadequate to meet
the Company's  operational needs, the Company might seek to compensate providers
of services by issuance of stock in lieu of cash.

The Company's  continued  operations  therefore  will depend upon its ability to
raise additional funds through bank borrowings,  equity or debt financing. While
the Company has been successful in raising funds to date,  there is no assurance
that the Company will be able to obtain additional  funding when needed, or that
such funding, if available,  can be obtained on terms acceptable to the Company.
If the Company cannot obtain needed funds,  it may be forced to curtail or cease
its activities.

If additional  shares are issued to obtain financing,  current  shareholders may
suffer a dilutive effect on their  percentage of stock ownership in the Company.
A large portion of the Company's financing to date has been through the issuance
of shares or through equity financing with share based collateral.  There can be
no  assurances  that the Company  will become  self-sufficient.  Therefore,  the
Company may  continue  to issue  shares to further the  business,  and  existing
shareholders  may suffer a dilutive  effect on the price of their shares as well
as a loss of voting power in the Company.

Going Concern

The  Company  has not  attained  profitable  operations  and is  dependent  upon
obtaining  financing  to  pursue  any  extensive  oil and gas  acquisitions  and
explorations.  The  auditors  stated in their  report on the  audited  financial
statements  for  the  fiscal  year  ended  January  31,  2007,  that  they  have
substantial  doubt the  Company  will be able to  continue  as a going  concern.

Off-Balance Sheet Arrangements

The Company has no significant  off-balance sheet arrangements  that have or are
reasonably likely to have a current or future effect on the financial condition,
changes in financial condition,  revenues or  expenses,  results of  operations,
liquidity,  capital  expenditures  or capital  resources  that  is  material  to
stockholders.

<page>

ITEM 3. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain  disclosure controls and procedures that are designed to ensure that
information required to be disclosed by us in the reports that we file or submit
to the Securities and Exchange  Commission under the Securities  Exchange Act of
1934, as amended,  is recorded,  processed,  summarized and reported  within the
time periods  specified by the  Securities and Exchange  Commission's  rules and
forms,  and that  information is accumulated and communicated to our management,
including our principal executive and principal financial officer (whom we refer
to in this periodic report as our Certifying  Officer),  as appropriate to allow
timely decisions regarding required disclosure.  Our management evaluated,  with
the participation of our Certifying Officer, the effectiveness of our disclosure
controls and procedures as of April 30, 2007,  pursuant to Rule 13a-15(b)  under
the Securities Exchange Act. Based upon that evaluation,  our Certifying Officer
concluded  that, as of April 30, 2007,  our  disclosure  controls and procedures
were effective.

Changes in Internal Controls

         There were no changes in our internal control over financial  reporting
that  occurred  during the quarter  ended  March 31,  2007 that have  materially
affected,  or are reasonably likely to materially  affect,  our internal control
over financial reporting.

<table>
<caption>
                                     PART II
Item 6. Exhibits

    Exhibit
     Number       Description of Exhibit                                   Location

              <c>                                                      <c>
     Item 3       Articles of Incorporation and Bylaws

      3.1         Articles of Incorporation                                Incorporated by reference from
                                                                           the Registration Statement on
                                                                           Form SB-2 filed April 21, 2004,
                                                                           SEC File No. 333-114660

      3.2         Bylaws, as amended                                       Incorporated by reference from
                                                                           the Registration Statement on
                                                                           Form SB-2 filed April 21, 2004,
                                                                           SEC File No. 333-114660

       3.3        Articles of Amendment to the Articles of Incorporation   Incorporated by reference from
                  of Ingenium Capital Corp. (Name changed therein to       the Form 10-KSB filed May 15,
                  Nitro Petroleum Incorporated)                            2006, SEC File No. 000-50932
</table>

<page>

<table>
<caption>

     Item 10      Material Contracts
    
          <c>                                                      <c>
      10.11       Asset Purchase Agreement with Quantum Energy Inc.        Incorporated  by reference  from
                  dated September 1, 2006                                  the Form  10QSB  filed  December
                                                                           15, 2006, SEC File No. 000-50932

      10.12       Extension Agreement with Quantum Energy Inc.             Incorporated  by reference  from
                  dated November 1, 2006;                                  the Form  10QSB  filed  December
                                                                           15, 2006, SEC File No. 000-50932

      10.13       Promissory Note 2 for $400,000 dated                     Incorporated  by reference  from
                  November 1, 2006                                         the Form  10QSB  filed  December
                                                                           15, 2006, SEC File No. 000-50932

      10.14       General Security Agreement with                          Incorporated  by reference  from
                  Quantum Energy Inc. in favour of Nitro                   the Form  10QSB  filed  December
                  Petroleum  Incorporated dated November 7, 2006           15, 2006, SEC File No. 000-50932

      10.17       Extension Agreement  2 dated February 28, 2007           Incorporated  by reference  from
                  between Nitro Petroleum Incorporated and Quantum Energy  the  Form  10KSB  filed  May 18,
                  inc. including a promissory note.                        2007, SEC File No. 000-50932

     Item 31      Rule 13a-14(a)/15d-14(a) Certifications

      31.1        Certification of Chief Executive Officer and Chief       This filing.
                  Financial Officer pursuant to 18 U.S.C. Section 1350,
                  as adopted pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002

     Item 32      Section 1350 Certifications

      32.1        Certification of Chief Executive Officer and Chief       This filing.
                  Financial Officer pursuant to 18 U.S.C. Section 1350,
                  as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002
</table>

                                   SIGNATURES
In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report  to  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized.
NITRO PETROLEUM INCORPORATED
By:   /s/ Larry Wise
      ------------------------------------------------
      Larry Wise, CEO, CFO and President

Date: June 12, 2007