North West Oil Group, Inc. (NWOL)

[Lochan]

I agree, oilspec. This is a very good PR. It announces that the Company has taken a most significant step in hiring an experienced US CPA firm to audit its financial records and prepare a comparative two-year report to submit to the SEC for uplisting to a higher exchange. It is not required that a microcap company at this level engage a Big Four CPA firm to conduct the audit.

As for who wrote this PR, I would say it could not have been an accounting firm because they would never refer to a Company as an "ongoing concern". You are right that the going concern principle is assumed, unless stated otherwise in an auditor's report to show that the Company's viability is in question.

The report will include two fiscal years, beginning April 1, 2006 through March 31, 2008. It will probably be released in June, 2008. Uplisting to a higher exchange like the Nasdaq could be achieved a year from now. Given the timeline of the audit, we should be seeing consolidated financial statements as a result of the SNGF acquisition. Very impressive!

If you can buy and hold for a year or longer, you should be richly rewarded.