North West Oil Group, Inc. (NWOL)

[texas tom]

Northwest oil stated that the two Shalinsky wells will be completed at the end of 2007. The wells will be open hole produced until the pressure has stabilized and some type of normal production can be ascertained. Flush initial production might be 3 or 4 times the daily allowable production of 185 BOPD each well for the field. This flush production might last two or so months. The results on these wells will have a material effect on earnings per share.

Northwest oil has stated that they filed a tender offer for some leases available in Tartarstan or South Russia. We don't know if the tender offers were granted. This will have a material effect on the assets of the company. I am interested in the status of activities in Algeria. Has NWOL entered into any joint ventures to exploit some of the newly discovered oil/gas fields in that country.

My best guess is O/S for book value and EPS is no higher than 13 million shares. I don't believe the restricted shares are dilutive. .60 per share is still a very conservative estimate.