Replies to post #32969 on Native American Energy Group Inc. (fka NAGP)

[sir90]

mbaa519_What kind of a ruse are you trying to pull now?

Those 582 barrels of oil that Native collected, in Montana, and sold were simply not accounted for as production, and we've known that for years because this has been thoroughly discussed before. You already know that they had decided to account for it by calling it some Other form of Income since it was produced during the testing phase of their wells.

The fact is:

The Native American Energy Group, Inc. collected and sold approximately 582 barrels of oil, cumulatively, from two wells, as per Form 10-Q - Quarterly report filed on 2011-11-14, and as below.

NOTE 16 - SUBSEQUENT EVENTS

As of September 30, 2011, the Company was classified as a development stage company, which is defined by the Financial Accounting Standards Board (“FASB”) as an entity that has not commenced planned principal operations and has no significant revenue. However, in September 2011, the Company commenced a five-well workover on its four oil and gas lease holdings in Montana. During the month of October 2011, the Company completed the first phase of workovers on two of its five wells and began producing a mixture of the water used down hole in the workover operations and oil from the producing formations. As a consequence of this phase of the workovers, the Company collected and sold approximately 582 barrels of oil, cumulatively, from these two wells, resulting in revenues to the Company which will be recognized in the fourth quarter, ending December 31, 2011. Accordingly, the Company is no longer considered a development stage company.