Northamerican Energy Announces Reverse Stock Split
Monday January 8, 5:47 pm ET
HOUSTON, Jan. 8, 2007 (PRIME NEWSWIRE) -- Northamerican Energy Group Corporation (Other OTC:NNYG.PK - News) announced that effective January 9, 2007, Northamerican Energy has effected a one for twenty (1 for 20) reverse split of its current outstanding shares of common stock.
The effect of this twenty for one stock split will decrease the outstanding common stock of the company from 72,638,335 to 3,631,917 without any change in the par value of such shares, and upon the market opening January 9, 2007, Northamerican Energy's common stock will begin trading on a split adjusted basis under the trading symbol NNYR instead of NNYG.
Each share of issued and outstanding is to be automatically converted to 1/20th of a share of common stock provided however that one (1) full share of common stock will be granted to stockholders for any fractional interest remaining after conversion of all outstanding shares. Stockholders who hold their shares in brokerage accounts or ``street names'' will not be required to take any action to effect the exchange and existing stock certificates will not have to be surrendered, cancelled, or redeemed.
``This reverse stock split is part of Northamerican Energy's program to improve its equity structure, increase shareholder value, and attract capital investment,'' said Jon Ginder, Northamerican Energy's Chairman and CEO.
Northamerican Energy Group has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company will concentrate on acquiring prospects, which are, and have, proven oil and gas production that have been operating for many, many years. By acquiring working interests in proven low-risk fields the Company minimizes the risk by not ``wildcatting or drilling dry-holes,'' and incurring any expense of building major infrastructure to get the product to market. Finally, The Company's low-cost operations and low overhead structure allows the Company to maximize the income and revenue from each production lease.