NDOL/North-West Oil Group Beats the Majors Over the Magma Oil Reserves and Will Increase Oil Production to 7 Million Barrels Per Year
MOSCOW, Jun 21, 2006 (MARKET WIRE via COMTEX) -- 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.
Contact:
Gerald Parkin
Investor Relations
514-591-3666
www.sznq.ru
SOURCE: Nord Oil International Inc.
CONTACT: sznq.ru
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