Consolidated Financials just out!
Updated:2006-05-31 15:42:24
Nord Oil/ North-West Oil Group Files Consolidated Financial Statements for the Quarter Ending March 31, 2006
Market Wire
MONTREAL -- (MARKET WIRE) -- 05/25/06 -- Nord Oil / North-West Oil Group (PINKSHEETS: NDOL) today, provided the consolidated interim financial statements of the merged businesses for the quarter ending March 31, 2006.
The company will proceed to file its audited financial statement of the North-West Oil Group as well as its pro-forma consolidated financial statements. The merger was effective by the issuance of 357,186,230 (59%) restricted common shares, whereby management has decided not to cause the company to perform a reverse stock split of its shares and therefore the total issued and outstanding post merger is 605,400,387 of which 567,146,124 (94%) are restricted and 38,254,263 (6%) are registered "free trading."
FINANCIALS PREPARED BY RSM TOP-AUDIT
CONSOLIDATED INTERIM BALANCE SHEET
(UNAUDITED)
ASSETS
March 31, 2006
USD
Current Assets
Cash and Cash Equivalents 53,596
Receivables 827,352
Inventory 1,212,167
Other 458,517
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Total Current Assets 2,551,632
Fixed Assets 8,701,834
Intangible Assets (Reserves/ Options/ Licenses) 99,402,604
Goodwill 4,642,970
Long-Term Investments 765,361
-----------
Total Assets 116,064,401
-----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities Accounts Payable 1,554,529 Due to Officers and Employees 817,258 Short / Current Long-Term Debt 360 Other 1,716,210 ----------- Total Current Liabilities 4,088,087 Long-Term Debt 12,235,595 ----------- Total Liabilities 16,323,682 -----------
Shareholders' Equity Paid-in capital 6,816,228 Retained Earnings/ Loss 92,924,491 ----------- Total Stockholders Equity 99,740,719 ----------- Total Liabilities and Stockholders Equity 116,064,401 -----------
CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
For the Period of Jan. 1, 06 to March 31, 06 Sales Income 32,730,226 Operating Expenses (23,353,997) Selling, general and administrative (2,104,442)
Amortization/ Depreciation (3,600,324)
Gross Profit 3,671,463
Total other Income/ Expenses Net 26,161 Earnings before Interest and Taxes 3,697,624 Income Tax Expense (893,721)
Net Income/ Loss Per Common Share 2,803,903
About Nord Oil / the North-West Oil Group
Nord Oil International Inc. is a reporting publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA. Nord Oil International and the North-West Oil Group merged on May 11, 2006. The company is in the process of filing all regulatory statements and will change its name to the North-West Oil Group and will be issued a new ticker symbol. The company presently produces over 120,000 Metric Tons of crude oil yearly.
Contact:
Gerald Parkin
Investor Relations
514-591-3666
AI
