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

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB


 |X| Quarterly Report Pursuant To Section 13 or 15(d) Of The Securities
     Exchange Act Of 1934


                  For the quarterly period ended July 31, 2006


 |_| Transition Report Under Section 13 or 15(d) Of The Securities Exchange
     Act Of 1934


                  For the transition period from _____ to _____


                        COMMISSION FILE NUMBER 000-50932


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



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


29 - 3800 Pinnacle Way, Gallaghers Canyon
Kelowna, British Columbia, Canada                          V1W 3Z8
-----------------------------------------   ------------------------------------
(Address of principal executive offices)                 (Zip Code)


              250-809-9185
-----------------------------------------
      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.
29,608,000 shares of Common Stock as of August 31, 2006
-------------------------------------------------------

Transitional Small Business Disclosure Format (check one): Yes |_|     No |X|

<page>


ITEM 1. FINANCIAL STATEMENTS




                              NITRO PETROLEUM INC.

                         (An Exploration Stage Company)

                          INTERIM FINANCIAL STATEMENTS

                                  July 31, 2006

                             (Stated in US Dollars)

                                   (Unaudited)
                                   -----------






<page>




                              NITRO PETROLEUM INC.
                          (A Exploration Stage Company)
                             INTERIM BALANCE SHEETS
                       July 31, 2006 and January 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)
                                   -----------

<table>
<caption>
                                                                                 July 31,            January 31,
                                                     ASSETS                        2006                 2006
                                                     ------                        ----                 ----

                                                                            <c>                  <c>
Current
    Cash                                                                    $          130,258   $           33,645
    Accounts receivable                                                                  1,431                    -
                                                                            ------------------   ------------------

                                                                                       131,689               33,645
Equipment - Note 4                                                                       1,930                    -
Oil and gas properties - Schedule 2                                                  1,865,000              390,000
                                                                            ------------------   ------------------

                                                                            $        1,998,619   $          423,645
                                                                            ==================   ==================

                                                    LIABILITIES
                                                    -----------

Current
    Accounts payable and accrued liabilities                                $           25,612   $           60,030
    Promissory notes payable                                                         2,276,814              424,581
    Due to related party - Note 7                                                        4,581                4,633
                                                                            ------------------   ------------------

                                                                                     2,307,007              489,244
                                                                            ------------------   ------------------

                                              STOCKHOLDERS' DEFICIENCY
                                              ------------------------

Capital stock
    Authorized:
           400,000,000  common stock, $0.001 par value
            10,000,000  preferred stock, $0.001 par value
    Issued and outstanding:
            29,608,000  common shares (January 31, 2006: 29,608,000)                    29,608               29,608
Contributed surplus                                                                     62,592               62,592
Deficit accumulated during the pre-exploration stage                                  (400,588)            (157,799)
                                                                            ------------------   ------------------

                                                                                      (308,388)             (65,599)
                                                                            ------------------   ------------------

                                                                            $        1,998,619   $          423,645
                                                                            ==================   ==================
</table>


                             SEE ACCOMPANYING NOTES
<page>


                              NITRO PETROLEUM INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF OPERATIONS
          for the three and six months ended July 31, 2006 and 2005 and
      for the period October 27, 2003 (Date of Inception) to July 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)
                                   -----------
<table>
<caption>
                                                                                                                October 27, 2003
                                                                                                                    (Date of
                                                          Three months ended              Six months ended      Inception) to
                                                                July 31,                       July 31,              July 31,
                                               --------------------------------------------------------------------
                                                       2006               2005           2006            2005           2006
                                                       ----               ----           ----            ----           ----
    
                                            <c>                  <c>            <c>              <c>            <c>
     Expenses
        Accounting and audit fees               $            4,656   $       2,699  $       32,826   $        4,848  $     59,832
        Bank charges and interest                           22,682              29          42,706               63        42,901
        Management fees - Note 7                             7,500           1,500          14,765            3,000        24,265
        Filing fees                                              -             755               -              755         6,112
        Foreign currency translation                         3,773               -           4,004                -         4,004
        Investor relation fees                              19,996               -          34,607                -        34,607
        Legal fees                                          46,960           2,783          98,258            4,001       173,277
        Office and miscellaneous                             1,617               -           1,755                -         4,732
        Transfer agent fees                                      -             115             643              235         4,223
        Travel                                               7,889               -          21,154                -        21,154
                                                ------------------   --------------  -------------   ---------------   -----------

     Net loss before other items                          (115,073)         (7,881)       (250,718)         (12,902)     (375,107)

     Other Items
        Royalty income                                       4,299               -           4,299                -         4,299
        Interest income                                          -               -           3,630                -         3,652
                                                 ------------------   -------------  --------------   --------------   -----------

     Net loss for the period from continued operations    (110,774)         (7,881)       (242,789)         (12,902)     (367,156)
     Discontinued operations - Schedule 1                        -            (900)              -           (6,338)      (33,432)
                                                 ------------------   ------------  ---------------   --------------   -----------

     Net loss for the period                    $         (110,774)  $      (8,781) $     (242,789)  $      (19,240)  $  (400,588)
                                                 ==================   ============= ==============   ===============   ===========

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

    Weighted average number of shares outstanding       29,608,000      29,608,000      29,608,000       29,608,000
                                                 ==================   =============  =============  ===============
</table>


                             SEE ACCOMPANYING NOTES

<page>>


                              NITRO PETROLEUM INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF CASH FLOWS
       for the six months ended July 31, 2006 and 2005 and for the period
                                October 27, 2003
                      (Date of Inception) to July 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)
                                   -----------
<table>
<caption>
                                                                                                         October 27, 2003
                                                                                                             (Date of
                                                                         Six months ended                 Inception) to
                                                                             July 31,                        July 31,
                                                                     2006                 2005                 2006
                                                                     ----                 ----                 ----

                                                             <c>                  <c>                  <c>
Operating Activities
    Net loss for the period from continued operations        $         (242,789)  $          (12,902)  $          (367,156)
    Change in non-cash working capital balances
     related to  operations
      Accounts receivable                                                (1,431)                                    (1,431)
      Accounts payable and accrued liabilities                          (34,418)              (1,443)               25,612
                                                             ------------------   ------------------   -------------------

Cash used in operating activities                                      (278,638)             (14,345)             (342,975)
                                                             ------------------   ------------------   -------------------

Investing Activities
    Advances to affiliate                                                     -               (1,607)              (33,432)
    Acquisition of oil and gas properties                            (1,475,000)                   -            (1,865,000)
    Purchase of equipment                                                (1,930)                   -                (1,930)
                                                             ------------------   ------------------   -------------------

Cash used in investing activities                                    (1,476,930)              (1,607)           (1,900,362)
                                                             ------------------   ------------------   -------------------

Financing Activities
    Issuance of common stock                                                  -                    -                92,200
    Issuance of promissory notes payable                              1,852,233                    -             2,276,814
    Increase (decrease) in due to related party                             (52)               2,915                 4,581
                                                             ------------------   ------------------   -------------------

Cash from financing activities                                        1,852,181                2,915             2,373,595
                                                             ------------------   ------------------   -------------------

Increase (decrease) in cash from continuing
 operations - Note 5                                                     96,613              (13,037)              130,258

Decrease in cash from discontinued operations                                 -               (4,360)                    -
                                                             ------------------   ------------------   -------------------

Increase (decrease) in cash during the period                            96,613              (17,397)              130,258

Cash, beginning of the period                                            33,645               22,554                     -
                                                             ------------------   ------------------   -------------------

Cash, end of the period                                      $          130,258   $            5,157   $           130,258
                                                             ==================   ==================   ===================
</table>


                             SEE ACCOMPANYING NOTES

<page>

                              NITRO PETROLEUM INC.
                         (An Exploration Stage Company)
                   INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY
      for the period October 27, 2003 (Date of Inception) to July 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)
                                   -----------
<table>
<caption>
                                                                                                      Cumulative
                                                                                       Deficit          Effect
                                                                                     Accumulated      of Foreign
                                                                      Additional     During the        Currency
                                              Common Shares            Paid-in       Exploration      Translation
                                      ------------------------------
                                         *Number      *Par Value       Capital          Stage         Adjustment          Total
                                          ------       ---------       -------          -----         ----------          -----

                                 <c>              <c>           <c>            <c>              <c>              <c>
Capital stock issued for cash:
                       - at $0.001    20,000,000 $       20,000  $      (15,000)$            -  $             -   $        5,000
                       - at $0.01      6,800,000          6,800          10,200              -                -           17,000
                       - at $0.10      2,808,000          2,808          67,392              -                -           70,200
Net loss for the period                        -              -               -        (17,045)               -          (17,045)
Foreign currency translation
 adjustment                                    -              -               -              -              277              277
                                   ------------- --------------  -------------- --------------  ---------------   --------------

Balance, as at January 31, 2004       29,608,000         29,608          62,592        (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       29,608,000         29,608          62,592        (74,778)          (1,156)          16,266

Net loss from continued
 operations                                    -              -               -        (73,788)               -          (73,788)
Net loss from discontinued
 operations                                    -              -               -          (9,233)          1,156           (8,077)
                                   ------------- --------------  -------------- --------------- ---------------   --------------

Balance, as at January 31, 2006       29,608,000         29,608          62,592       (157,799)               -          (65,599)

Net loss for the period                        -              -               -       (242,789)               -         (242,789)
                                   ------------- --------------  -------------- --------------  ---------------   --------------

Balance, as at July 31, 2006         29,608,000 $       29,608  $       62,592 $     (400,588) $             -   $     (308,388)
                                   ============= ==============  ============== ==============  ===============   ==============
</table>




*       The number of common shares have been retroactively  restated to reflect
        a forward  split of four new  shares  for one old  share,  effective  on
        February 6, 2006. The par value and additional paid-in capital have been
        adjusted to reflect the correct par value. The authorized  common shares
        have also been increased from 100,000,000 to 400,000,000.

                             SEE ACCOMPANYING NOTES

<page>

 Schedule 1

                              NITRO PETROLEUM INC.
                         (An Exploration Stage Company)
                        INTERIM STATEMENTS OF OPERATIONS
           FROM DISCONTINUED OPERATIONS OF INGENIUM CAPITAL B.C. LTD.
          for the three and six months ended July 31, 2006 and 2005 and
           from October 27, 2003 (Date of Inception) to July 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)
                                   -----------
<table>
<caption>
                                                                                                               October 27,
                                                                                                              2003 (Date of
                                                 Three months ended                Six months ended           Inception) to
                                                      July 31,                         July 31,                  July 31,
                                               2006             2005             2006            2005              2006
                                               ----             ----             ----            ----              ----

                                        <c>              <c>               <c>              <c>             <c>
Expenses
    Bank charges                          $            -  $            20   $            -  $          59   $             246
    Filing fees                                        -                -                -              -               1,752
    Legal fees                                         -                -                -              -                 841
    Office and miscellaneous                           -              585                -          1,317               7,812
    Promotion costs                                    -                -                -            118                   -
    Mineral property costs                             -                -                -          4,362              21,769
    Transfer agent fees                                -                -                -              -                 791
    Travel                                             -              125                -            322                   -
                                          --------------  ---------------   --------------  -------------   -----------------

Loss before the following                              -             (730)               -         (6,178)            (33,211)

    Write -off of due to parent                        -                -                -              -              36,499
    Interest income                                    -                -                -              -                 149
    Foreign exchange gain (loss)                       -             (170)               -           (160)             (3,437)
    Write-off of due from affiliate                    -                -                -              -             (33,432)
                                          --------------  ---------------   --------------  -------------   -----------------

Net loss for the period                   $            -  $          (900)  $            -  $      (6,338)  $         (33,432)
                                          ==============  ===============   ==============  =============   =================
</table>



                             SEE ACCOMPANYING NOTES

<page>

 Schedule 2

                              NITRO PETROLEUM INC.
                         (An Exploration Stage Company)
                  INTERIM STATEMENTS OF OIL AND GAS PROPERTIES
                   for the six months ended July 31, 2006 and
                       for the year ended January 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)
                                   -----------

<table>
<caption>
                                                   Balance                          Balance                         Balance
                                                 January 31,                       April 30,                        July 31,
                                                     2006          Additions         2006          Additions          2006
                                                     ----          ---------         ----          ---------          ----

                                             <c>               <c>             <c>             <c>             <c>
Oil and gas property costs:

    Barnett Shale                              $      300,000   $            -  $     300,000   $            -  $      300,000

    Phillip #2                                         80,000                -         80,000                -          80,000

    Corsicana Pilot Project                            10,000          470,000        480,000                -         480,000

    Barnett Shale, wells                                    -          750,000        750,000                -         750,000

    Inglish #1 Horizontal - Note 6                          -                -              -          135,000         135,000

    3D Seismic Program - Note 6                             -                -              -          100,000         100,000

    Corsicana Waste Water Project
     - Note 6                                               -                -                          20,000          20,000
                                               --------------   --------------  -------------   --------------  --------------

                                               $      390,000   $    1,220,000  $   1,610,000   $      255,000  $    1,865,000
                                               ==============   ==============  =============   ==============  ==============
</table>


                             SEE ACCOMPANYING NOTES

<page>



                              NITRO PETROLEUM INC.
                         (An Exploration Stage Company)
                    NOTES TO THE INTERIM FINANCIAL STATEMENTS
                                  July 31, 2006
                             (Stated in US Dollars)
                                   (Unaudited)


Note 1        Interim Reporting
              -----------------

              While the information  presented in the  accompanying  interim six
              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, 2006
              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,
              2006 annual financial statements.

Note 2        Nature and Continuance of Operations
              ------------------------------------

              The  Company  is in the  pre-exploration  stage and  directly  and
              through joint  ventures began 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 July 31,
              2006, the Company had not yet achieved profitable operations,  has
              accumulated losses of $400,588 since its inception,  has a working
              capital  deficiency  of  $2,175,318  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.
(An Exploration Stage Company)
Notes to the Interim Financial Statements
July 31, 2006
(Staged in US Dollars)
(Unaudited) - Page 2
 ---------

Note 2        Nature and 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        Additional Significant Accounting Policy
              ----------------------------------------

              Equipment

              Equipment  is recorded at cost and  consists of office  furniture.
              Depreciation is provided using the declining balance method at 20%
              per annum.

              Equipment  additions  during the year are  depreciated at one-half
              rates.

Note 4        Equipment
              ---------
<table>
<caption>
                                                                                                     January 31,
                                                               July 31, 2006                            2005
                                           --------------------------------------------------     -------------
                                                               Accumulated
                                                 Cost          Amortization           Net                Net
             
                              <c>               <c>              <c>                 <c>
             Office furniture              $         1,930   $             -   $        1,930      $          -
                                           ===============   ===============   ==============      ============
</table>

Note 5        Discontinued Operations
              -----------------------

              On January 31, 2006, the company  indicated its intention to
              dissolve its 100% owned  subsidiary,  Ingenium  Capital B.C.
              Ltd. ("BC").  The loss related to BC for the six months ended
              July 31, 2005 has been disclosed as loss from  discontinued
              operations (Schedule 1).

<page>

Nitro Petroleum Inc.
(An Exploration Stage Company)
Notes to the Interim Financial Statements
July 31, 2006
(Staged in US Dollars)
(Unaudited) - Page 3
 ---------

Note 5        Discontinued Operations - (cont'd)
              -----------------------

              Statement of Cash Flows
              -----------------------

              Cash flows from discontinued operations are as follows:
<table>
<caption>
                                                                                                       October 27,
                                                                                                      2003 (Date of
                                                                          Six months ended            Inception) to
                                                                              July 31,                  July 31,
                                                                        2006             2005             2006
                                                                        ----             ----             ----
             
                                                    <c>               <c>             <c>
             Cash flows used in operating activities
                 Loss from discontinued operations                $             -   $       (6,338) $       (33,432)
                 Write-off of advances from parent company                      -                -           33,432
                 Change in non-cash working capital
                  balance related to operations:
                   Accounts payable                                             -                -                -
                   Due to related party                                         -              371                -
                                                                  ---------------   --------------  ---------------

             Cash provided by (used in) operating activities                    -           (5,967)               -
                                                                  ---------------   --------------  ---------------

             Financing Activity
                 Advances from (to) parent company                              -            1,607                -
                                                                  ---------------   --------------  ---------------

             Cash provided by (used in) financing activity                      -            1,607                -
                                                                  ---------------   --------------  ---------------

             Decrease in cash from discontinued operations
              prior to disposal                                   $             -   $       (4,360) $             -
                                                                  ===============   ==============  ===============
</table>

Note 6        Oil and Gas Properties
              -----------------------

              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.

<page>

Nitro Petroleum Inc.
(An Exploration Stage Company)
Notes to the Interim Financial Statements
July 31, 2006
(Staged in US Dollars)
(Unaudited) - Page 4
 ---------

Note 6        Oil and Gas Properties - (cont'd)
              ----------------------

              c)  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
                  totalling  $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.

              d)  By a letter dated April 25,  2006,  the Company has acquired a
                  5% to 10% working 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  (paid
                  subsequent to January 31, 2006).  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.

              e)  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 before October 31, 2006 for the Company's
                  interest in the project. This is a secondary recovery proposal
                  to enhance production from the Corsican Pilot project.

              f)  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  in the  Corsicana  field
                  located in Corsicana, Texas.

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

Note 7        Related Party Transactions
              --------------------------

              During the six months  ended July 31,  2006 the  Company  incurred
              management  fees  charged by a director of the  Company  totalling
              $14,765  (2005:  $3,000  charged  by  a  former  director  of  the
              Company).

              Amounts due to related party, are due to a director of the Company
              for  unpaid   management   fees.   These  amounts  are  unsecured,
              non-interest bearing and have no specific terms of repayment.

              Included in accounts  payable is $12,657  (January 31, 2006: $Nil)
              due to a  company  with a common  director  for  expenses  paid on
              behalf of the Company.





<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 of, 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 does not intend to operate any of
the  production  acquired.  Thus, the Company will ensure that the production in
which it invests is operated to internationally accepted standards.
The Company believes such opportunities  exist in the United States. The Company
believes these  opportunities  also have  considerable  future potential for the
development  of additional  oil reserves.  Such new reserves might come from the
development of existing but as yet  undeveloped  reserves as well as from future
success in exploration.

When and if funding becomes available, the Company plans to acquire high-quality
oil and gas  properties,  primarily  "proven  producing  and proven  undeveloped
reserves."  The Company  will also  explore  low-risk  development  drilling and
work-over opportunities with experienced, well-established operators.

PLAN OF OPERATION
Corsicana
---------
Under the Corsicana Pilot Flood Project  agreement,  entered into on March 1,
2006,  between Texas M.O.R., Inc. and JMT Resources Ltd. (the operating parties)
and Nitro  Petroleum,  Inc. and KOKO Petroleum,  Ltd. (the investing  parties)
all parties are forming a joint venture.  KOKO recently sold its interest under
this agreement to Quantum Energy Inc.

Currently  the  Company  owns a 45%  working  interest  from the three  wells in
Corsicana field: Mckinney 1, Mckinney 2, and Blackburn 1.

There are thirteen wells drilled for the pilot flood project, of which seven are
now completed,  Nitro has 23.5% working interest in these 7 wells. The other six
wells drilled are classified as injection polymer flood wells,  Nitro has a 23.5
% working interest in these.

Nitro is planning to continue the Pilot Flood project and to expand upon success
with potential to drill 50 wells in total in 2006 and 2007. The Company  intends
to initiate seismic shoot to cover  approximately  4,000 acres. It also plans to
commence horizontal drilling into undeveloped zones.

Barnett Shale
-------------
Nitro has interest in the various wells in Barnett Shale.

Nitro has a 5% working interest in the Phillips #2.

<page>

Other  interest in the area is represented by Inglish 4 and Inglish 5, which are
now complete,  Nitro's  working  interest in each of them is 10%;  Inglish D1 is
currently under well completion (Nitro has 10% working interest);  Inglish D2 is
being drilled (Nitro has 10% working interest).

Additionally, Nitro has 5% working interest in Craig Muncaster 7 (completed) and
Craig Muncaster 6 (under completion, to be flow tested in early September).

The first  horizontal  well , Inglish 1H, has been completed on August 31, Nitro
has a 5% working interest in this well.

Nitro has acquired 50% of the holder's  leasehold  interest in the Gross Area of
approximately 2,000 acres of mineral leases in and around Montague County, Texas
(the "Assigned  Acreage").  Under this agreement the  participant is entitled to
receive 1% overriding  royalty on the entire Gross Area, to participate in up to
a 25% working  interest in wells drilled in the Gross Area.  The  operator,  REO
Petroleum, expects to drill the first horizontal well on this lease in October.

The Company is planning to continue to acquire  additional  acreage in the area.
It intends to continue drilling its already acquired undrilled acreage.  It also
intends to acquire drilling rigs and expand the existing pipeline system.

Nitro has paid $20,000 as a down payment (Nitro's  participation in this project
is approx  $225,000) for a 25 % gross working interest on a waste water disposal
injection well and the related plant facilities  including a purchase of 10 acre
surface land. This site will be used by oil producers  within a 50 mile range to
inject waste salt water recovered from their  producing  wells. It is planned to
drill 3 more injection wells within this project.  The Texas Railway  Commission
has approved the injection  permit for this site. This project is expected to be
operational by November 2006.

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 throughout 2006. The Company may also
use various debt instruments as well as public offerings to raise needed capital
during 2006.

General and Administrative Expenses

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>

General and administrative expenses totaled $115,073 for the three months ending
July 31,  2006,  compared to $7,881 for the three  months  ending July 31, 2005.
This  increase was due to an increase in  development,  organization,  sales and
marketing costs associated with the movement into the oil and gas business.

Liquidity and Capital Resources

The  Company  had cash of  $130,258  as of July 31,  2006,  compared  to cash of
$33,645 as of January 31, 2006.  The Company had working  capital  deficiency of
$2,175,318 as of July, 2006,  compared to working capital deficiency of $455,599
as of January 31, 2006.

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. The Company
will attempt to raise  approximately  $65,000,000  in additional  funds over the
next 12 months through private  placements;  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 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.

As required by Rule 13a-15  under the Exchange  Act, the Company  carried out an
evaluation of the  effectiveness  of the design and operation of its  disclosure
controls and procedures as of July 31, 2006, being the date of the most recently
completed fiscal quarter.  This evaluation was carried out under the supervision
and with the participation of the Company's Chief Executive Officer.  Based upon
that evaluation,  Chief Executive Officer concluded that disclosure controls and
procedures are effective in timely alerting  management to material  information
required to be included in periodic SEC filings.  There have been no significant
changes  in the  Company's  internal  controls  or in other  factors  that could
significantly affect internal controls subsequent to the date of the evaluation.

Disclosure  controls and procedures are controls and other  procedures  that are
designed to ensure that  information  required  to be  disclosed  in our reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported,  within  the time  periods  specified  in the SEC's  rules and  forms.
Disclosure  controls and procedures include,  without  limitation,  controls and
procedures  designed to ensure that information  required to be disclosed in our
reports  filed  under  the  Exchange  Act is  accumulated  and  communicated  to
management,  including  our Chief  Executive  Officer  and our  Chief  Financial
Officer, to allow timely decisions regarding required disclosure.

                                     PART II
Item 6. Exhibits
<table>
<caption>
    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, 2006
                  Nitro Petroleum Incorporated)
</table>

<page>

cont.

<table>
<caption>
    Exhibit
     Number                       Description of Exhibit                               Location
---------------------------------------------------------------------------------------------------------
    
            <c>                                                     <c>
     Item 10      Material Contracts

      10.10       Promissory Notes:

                  1.       for 390,000 dated January 26 06                 This filing
                  2.       for 600,000 dated February 02 06;
                  3.       for 510,000 dated February 08 06;
                  4.       for 100,000 dated February 09 06;
                  5.       for 100,000 dated February 09 06;
                  6.       for 250,000 dated February 17 06;
                  7.       for 100,000 dated March 01 06; and
                  8.       for 100,000 dated March 06 06.

     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/ Ted Kozub
      ------------------------------------------------
      Ted Kozub, CEO, CFO and President
Date: September 14, 2006