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Native American Energy Group, Inc. Announces 20 for 1 Forward Stock Split; Split Will Increase Market Liquidity and Shareholder Value Native American Energy Group, Inc. Announces 20 for 1 Forward Stock Split; Split Will Increase Market Liquidity and Shareholder Value
FOREST HILLS, N.Y., September 12 /CNW/ - Native American Energy Group, Inc. (OTC Pink Sheets: NVMG) announced today that its Board of Directors has approved a 20 for 1 forward stock split of the Company's common shares. Each shareholder of record at the close of business on September 7, 2006 will receive nineteen (19) additional shares for every outstanding share held as of the date thereof. The payment date for the additional shares will be September 18, 2006. The forward stock split will be issued as free trading shares for stockholders who hold free trading shares, and restricted for those stockholders who hold restricted shares, as of the record date of September 7, 2006. All shareholders that have free trading shares in their brokerage accounts will be credited automatically by the transfer agent and those shareholders of restricted shares will have their stock sent to them directly from the transfer agent. The Board of Directors believes that this action will increase shareholder value and create more trading liquidity.
About Native American Energy Group, Inc.
Native American Energy Group (NAEG) is a publicly traded, independent, energy company that has established its infrastructure and operations on the Fort Peck Indian Reservation in N.E. Montana. NAEG is currently enhancing and reactivating many of the abandoned and previously shut-in oil & gas wells on the Fort Peck Nation from the Company's portfolio of historically producing wells, in a process that can be duplicated across the state or the country. The NAEG business model also encompasses future expansion into the exploration and development of new properties which shall include new drilling programs and additional oil & gas recovery programs in other areas, such as the very prolific Bakken Formation on which NAEG has also acquired several leases. The U.S Energy Department has called the Bakken Formation the highest-producing onshore field found in the lower 48 states in the past 56 years. The Company's strategy is, through acquisition and development, to bring vast economic improvement to this region and to strengthen Native American communities by helping to secure their energy future. Native American Energy Group specializes in acquiring and revitalizing abandoned oil fields with substantial known reserves in place, as well as, introducing energy alternatives such as wind & geothermal energy solutions. We spotlight oil fields which were previously developed and capped due to depressurization, production falling below commercial levels at that time, or in situations in which oil & gas leases were terminated by the tribal governments due to improper development and/or refusal to simply employ Native Americans. Today, we have the technology to take abandoned fields and restore production with enhanced recovery technologies. NAEG aggressively pursues any oil property that has been selected through our screening process. Since January 2005, the company has amassed a handsome portfolio of historically producing wells in the Williston Basin in N.E. Montana that NAEG management strongly believes can be enhanced through it's proprietary, Enhanced Oil Recovery (EOR) capabilities, and will thereby establish a 10 to 20 year cash flow for the company. Native American Energy Group trades on the OTC Pink Sheets under the ticker symbol: NVMG. Joseph D'Arrigo, President and CEO
For more information and to view all previous press releases, please visit the Investor Relations page on the Company website: http://www.nativeamericanenergy.com.
Safe Harbor Statement: This News Release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities & Exchange Act of 1934, as amended, with respect to corporate objectives, projections, estimates, operations, acquisition and development of various interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
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