What would you prefer...A PR at the beginning of June predicting how many BPD they will pump in June......Or a PR in July stating how many BPD they pumped in June?
Most companys I follow post results after the fact, not before...Could you at least wait until June is over before you start wondering what June's production numbers were? LOL!
NDOL/North-West Oil Group Beats the Majors Over the Magma Oil Reserves and Will Increase Oil Production to 7 Million Ba
MOSCOW -- (MARKET WIRE) -- 06/21/06 -- NDOL/North-West Oil Group (PINKSHEETS: NDOL) announced today that it has won the tender for the acquisition of the Magma Oil fields. The battle for the tender included major international oil companies, however, North-West Oil Group came up on top.
According to the company, now that the tender has been won, negotiations are well underway to conclude the transaction for the Magma Oil Fields estimated at approximately USD $350 million, in an all cash transaction.
"Once the acquisition is completed, our company will have total reserves of 345 million barrels and will increase production to 7 million barrels per year," said Ernest Malyshev, President of NDOL/North-West Oil Group. "The remaining recoverable reserves of the Magma Oil Fields are over 137 million barrels, which are being serviced by 33 wells and 2 booster pumping station," further added Mr. Malyshev.
The company is expected to conclude the transaction over the next several months, and may be simultaneously executed with a listing on the Alternative Investment Market (AIM) exchange in London, where the debt financing is being arranged. The company does not expect to issue any common equity to enable this acquisition.
About NDOL/North-West Oil Group
Nord Oil/North-West Oil Group. is a reporting, publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA. Nord Oil International and the North-West Oil Group merged on May 11, 2006. The company is in the process of filing all regulatory statements and will change its name to the North-West Oil Group and will be issued a new ticker symbol. The company presently produces over 120,000 Metric Tons of crude oil yearly.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
Using a conservative 7-8 number for crude to barrels math, it tells you they are producing 840,000 to 950,000 barrels of oil RIGHT now.
That equates to about 7,000 barrels a month not including the production for NDOL, since it hasn't started (or finshed) yet.
As far as going to 7 million barrels a year is concerned, the Magma oil fields are currently producing oil, although I'll admit we don't how much, but once that added to the total, the barrels per year should go up significantly. In addition the Magma acquisition should have brought them an existing, PRODUCING oil field, which means equipment and people in addition to oil. So they already have an infratsructure in place for that. They may need to increase it, but they are not starting from scratch.
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