Nord Oil International's Offer Turns to Merger Talks
Nord Oil International says that the board of directors of both Nord Oil and North-West Oil Group have worked through the last weekend and have signed a letter of intent for the benefit of all shareholders to merge the companies and create a truly dynamic oil and gas company.
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
well as on the Frankfurt Exchange under symbol CXIA.
- Nord Oil International to List on London's AIM (Sep 13)
- Nord Oil/North-West Plans to Up Oil Production in Saratov (Aug 10)
- Nord/North-West Targets Saratov Oil Producer (Jun 29)