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Nord Oil International and the North-West Oil Group Agree on Merger Terms
By Market Wire
Last Update: 5/10/2006 9:00:03 AM Data provided by
MONTREAL, May 10, 2006 (MARKET WIRE via COMTEX) -- Nord Oil International Inc. (NDOL) announced today that the boards of directors and majority shareholders have approved and signed an Agreement on merger terms with The North-West Oil Group.
According to the company, Nord Oil International Inc. will acquire by way of a reverse merger 100% of the outstanding shares of two divisions of the North-West Oil Group, namely \"North-West Oil Group-Saratov\" Ltd. and Company \"Neftegazenergo\" Ltd. As the result of that merger, Nord Oil International shareholders will own a total of 41% and the shareholders of the North-West Oil Group will own 59% of the newly created entity to be renamed the Northwest Oil Group.
The total merged enterprise value is currently estimated at USD $1.25 billion, representing approximately $2.20 per Nord Oil International shares post merger.
The current board of directors is being changed to include 4 members appointed by the North-West Oil Group shareholders out of a total of 7 board members. Effective May 11, 2006, Mr. Makarov will have resigned his functions of President and CEO and Mr. Ernest Malyshev, President of North West Oil Group has been appointed the new President and Chief Executive Officer.
Management will proceed to fill the appropriate forms with the SEC such as the PRE 14C and 8K required to make said merger effective. Complete disclosure on the North-West Oil Group will also be provided on form 8K on or before May 15, 2006.
\"We are very happy for all our shareholders. Being acquired is one thing, but joining with such a prominent oil and gas company is truly remarkable and one that will create substantial shareholder value,\" said Mr. Makarov, President of Nord Oil International Inc. \"The combined revenues from oil production and reserves will create one of the great oil and gas companies, now and for many years to come,\" further added Mr. Makarov.
About Nord Oil International Inc.
Nord Oil International Inc. is a reporting publicly traded Oil & Gas junior company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our Future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as \"anticipates,\" \"believes,\" \"could,\" \"expects,\" \"intends,\" \"may,\" \"should\" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
SOURCE: Nord Oil International Inc.
If I only knew then what I still do not know now.
