CLOSED DEAL: North-West Oil Group Received $15.5 Million From Hungarian Oil and Gas (MOL) Company for Sale of Surgutsky 7
Dec 07, 2006 05:52 ET North-West Oil Group
MOSCOW -- (MARKET WIRE) -- December 7, 2006 -- North-West Oil Group (PINKSHEETS: NWOG) (FRANKFURT: CXIA) signed a sales agreement with the Hungarian Oil and Gas (MOL) company on the purchase of 100% of the NWOG-MOL project which develops a site Surgutsky-7 for USD 15.5 million and completed transaction. It is the first Russian asset of the MOL for investigation of the deposit which purchased because of the provided opportunity from North-West Oil Group. The funds shall be used for an immediate acquisition of oil reserves which will enhance the assets of the company and in particular a part of received funds will be directed on purchase of the site Lugovskoe declared to an auction on December 12, 2006 in which the company takes part. The Lugovskoe is located in Saratov region with plottage of 11.6 km2 and driven back for investigation and recovery of oil and gas. The reserves of the Lugovskoe according to category C1 are: oil -- 2,547,700 barrels and free gas 13 million m3. In case purchasing the deposit company will have the established license for investigation and extraction during 20 years and in January or February 2007 extraction can be carried out.
About North-West Oil Group (formerly Nord Oil International)
North-West Oil Group is a non-reporting, publicly traded Oil & Gas company trading under the ticker symbol NWOG on the U.S. Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA. The company presently produces over 120,000 Metric Tons of crude oil yearly.
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