The negotiated merger value was based on the recent unsolicited offer made by the North-West Oil Group and therefore providing a guideline on total value of the new entity.
Management expects to finalize and or agree on merger terms on or before May 12, 2006. "The combined entities will quickly exceed revenue expectations and profit," said Mr. Makarov, President of Nord Oil International Inc. "We were always hoping that the North-West Oil Group would agree to discuss a merger as oppose to an acquisition and if completed this will truly create substantial shareholder value from the great synergies existing between our companies," further added Mr. Makarov.
Nord Oil International Inc. is a reporting publicly traded Oil & Gas junior company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA.
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