Nord Oil Receives Green Light to Commence Oil Production

Montreal-based Nord Oil International, which operates three wholly owned Russian subsidiaries, said that local and regional governments have approved the company's plans to start its oil production on June 1.

"We are truly grateful for the tremendous support we have received by local and regional governments to expedite our authorization to commence our oil production," said Andrei Kuzovlev, executive vice president of Nord Oil International.

"The production is expected to yield approximately 6,500 barrels per day or 2.3 million barrels of oil for the following 12 months, representing revenues of approximately US$150 million and when we add this revenue to our existing transport, storage and trading business, total revenues should reach close to US$200 million by June 2007."