"Russia is a key supplier of petroleum products to Europe, and the European banking and commercial institutions are eager to participate in all oil/gas ventures involving oilfields in Russia," said Ernest Malyshev, Nord/North-West’s president.
NK SaratovNefteGeofizika is an oil, gas, and condensate-producing company located in the lower Volga basin within the Saratov area, which is a mature petroleum region of Russia.
The purchase will be for 100% of both NK SaratovNefteGeofizika and its subsidiary, ZAO Itilneft. The parent company, which was formed 7 years ago, provides an excellent opportunity to acquire low priced assets in the very prolific Lower Volga Basin; its licenses have significant further upside potential with a large surface to explore within well-defined prospects. The company has all the necessary services and facilities for growth. It presently has 142 employees and 3 certified chemical laboratories.
The assets of the target company include, among other advantages, the following areas of production:
According to Nord/North-West, the quality of the produced oil from these deposits will obtain a premium price per barrel and will economically provide a most efficient return.
The acquisition should be completed within 2-3 months and will provide Nord Oil International/North-West Oil Group with another step toward its quest to greatly increase its presence in the European oil marketplace.
Malyshev assures his company’s shareholders that this step, along with the Magma acquisition, will dramatically increase value for the shareholders and market presence, value, and strength for the company.
Nord Oil International Inc. is a reporting, publicly traded oil and gas company trading under the ticker symbol NDOL on the U.S. 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 more than 120,000 metric tons of crude oil yearly.
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