HOUSTON, June 21, 2006 (PRIMEZONE) -- Northamerican Energy Group Corporation (Pink Sheets:NNYG) announced today that on June 14th, 2006, it signed an agreement with WS Chong Consulting LTD, of British Columbia, to represent Northamerican Energy in discussions to complete a large-scale investment in Northamerican, which is to be made by a Chinese investment group represented by WS Chong Consulting.
"The final terms and dollar amount of the investment are to be determined when the Chinese investment group enters into discussions with us here during their trip to Houston within the next few weeks, but given the fact that the Chinese are both the world's fastest growing consumers of energy and have growing world involvement with 100s of billions of dollars in acquisitions and investments in energy companies and energy projects worldwide, we are very optimistic about the opportunities presented us by WS Chong and its investment group," said Jon Ginder, Northamerican's Chairman and CEO.
"As this agreement is finalized, it will greatly enhance Northamerican's ability to move forward with planned acquisitions of additional leases, and many of the other short- and long-term plans we have previously announced," continued Jon Ginder.
WS Chong Consulting is a business development firm that fosters bilateral commerce between Western and Chinese companies by establishing and supporting effective business relationships and joint ventures for various Chinese firms with governmental, public and private institutions and industries.
Northamerican Energy Group Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on acquiring prospects which largely are, and have, proven oil and gas production, which have been operating for many, many years. By acquiring working interests in proven low-risk fields, the Company minimizes the risk by not "wildcatting or drilling dry-holes," and incurring any expense of building major infrastructure to get the product to market. Finally, the Company's low-cost operations and low overhead structure allow the Company to maximize the income and revenue from each production lease.
Safe Harbor Provisions
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.