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NNYR News on the 22nd....

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puppman   Thursday, 01/25/07 09:34:44 PM
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Post # of 918 
NNYR News on the 22nd....
Northamerican Energy Group Signs Gas Purchase Agreement with Southern Union Gas Services
HOUSTON, Jan. 22, 2007 (PRIME NEWSWIRE) -- Northamerican Energy Group Corporation (Pink Sheets:NNYR) announced today that, as part of its efforts to initiate and commence natural gas production, it recently signed a Gas Purchase Agreement with Southern Union Gas Services, a subsidiary of Southern Union Company (NYSE:SUG).

"Northamerican Energy will not only be putting some of its current natural gas on its existing oil and gas wells back into production, but also the gas wells that are part of its 17 lease package that Northamerican announced on November 8th and December 26th 2006," announced Jon Ginder, Northamerican's Chairman and CEO.

"This agreement will greatly enhance Northamerican's ability to move forward with planned acquisitions of additional leases, and many of the other short, and long, term plans we have previously announced," continued Jon Ginder.

Houston-based Southern Union Company (NYSE:SUG) is one of the nation's leading diversified natural gas companies, and it owns and operates one of the nation's largest natural gas pipeline systems with more than 20,000 miles of gathering and transportation pipelines and North America's largest liquefied natural gas import terminal.

Northamerican Energy Group Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on acquiring prospects, which largely are, and have, proven oil and gas production, which 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 allow the Company to maximize the income and revenue from each production lease.


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