FuelNation, Inc. (fka FLNA)

[stock_observer_77]

Connecting some dots. . .

On 4/11/2006, FLNA established a joint venture in Russia named Nika Oil. It was created to purchase crude oil processed in Russian refineries for export. In addition, Nika planned to take controlling ownership of significant Latvian oil assets.

As of today, Nika has not accomplished this...yet, at least.

Map of the Baltic Sea: http://encarta.msn.com/map_701510462/Baltic_Sea.html

See where Latvia is located? Hmmm - that's the Baltic Sea, isn't it?

4/11/06, CEO quote: "Both companies benefit with this relationship because we have just recently signed a credit facility for $300 million dollars to be secured by crude oil & petroleum products, & the joint venture with Niko-Oil Ltd. gives us the management & contracts we have desired in the Russian Federation.

02/13/07 PR: In addition, we have been informed our application to acquire the energy assets located on the Baltic Sea has been approved. The directors of NIKA Oil stated, "This will be one of the larger acquisitions on the Baltic Sea, and we are confident the shareholders will be proud to be a part of it."

Latvia is on the Baltic Sea, no doubt.

05/24/06 - Excerpt from the Baltic Times: State, private shareholders agree on framework for sale of Ventspils Nafta
RIGA - State and private owners of Ventspils Nafta have reportedly agreed on principles for selling the state’s stake in the oil export terminal, one of Latvia’s most strategic assets. Economy Minister Aigars Stokenbergs said that he and Mamerts Vaivars, board chairman of Latvijas Naftas Tranzits, which controls Ventspils Nafta, have agreed on the basic principles for selling the state’s 38.6 percent stake.

08/30/06 - Excerpt from the Baltic TImes: Oil terminal sale ready for approval
RIGA - Consultants unveiled an auction plan for the sale of the government-held stake in the oil terminal Ventspils Nafta, one of the state’s few remaining prize assets to generate considerable interest among foreign investors. The state is hoping to fetch as much as 100 million euros from the sale.

10/02/06: Excerpt from www.latvians.com: Russian Firms Interested in Latvian Port
Monday, October 2, 2006. Issue 3509. Page 5. © 2006 The Moscow Times
Russian firms are interested in buying the Latvian government-owned stake in the Ventspils Nafta holding company at an auction Thursday, the bank managing the sale said. One of the main assets of the company is the Ventspils Nafta Oil Terminal, Latvia's largest port, which used to specialize in handling Russian crude before supplies dried up in 2003.

And....look at the Fuelnation PR today on the Latvia News website: http://www.einnews.com/latvia/ as well as the Baltic Daily http://www.balticdaily.com/

Here's some further info on the Baltic Sea / oil region:http://www.eia.doe.gov/emeu/cabs/latvia.html

Furthermore, we consistently see references to OAO Gazprom. Anyone care to guess who they are or how big they are?

02/13/07 PR: Russian state-controlled gas monopoly OAO Gazprom said its net profit for the first nine months of 2006 rose 90 percent, boosted by the integration of oil unit Gazprom Neft as well as high international oil and gas prices. The world's biggest gas producer reported a net profit of 442.3 billion rubles (US$16.78 billion; euro12.95 billion) for the nine months ended Sept. 30 under International Financial Reporting Standards, up from 232.13 billion rubles in the same period a year earlier.

I'm starting to tingle inside.