HOUSTON, Feb. 20, 2007 (PRIME NEWSWIRE) -- Northamerican Energy Group Corporation (Pink Sheets:NNYR) announced today that in keeping with previous announcements regarding natural gas production, the Company has initiated gas production under the Gas Purchase Agreement disclosed Jan 22, 2007.
Northamerican Energy Group Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on identifying prospects that, for the most part, have proven oil and gas production and have been operating for many years. By acquiring working interests in proven, low-risk fields, the Company eliminates the risk of drilling dry-holes and avoids the expense of building major infrastructure to get the product to market. The Company's low-cost operations and low overhead structure allows it to maximize income and revenue.
The Company confirmed that this step not only begins its program to put back into production natural gas operations on its existing oil and gas wells, but also the gas wells that are part of its 17 lease package that Northamerican disclosed on November 8th and December 26th 2006.
"This agreement will greatly enhance our Company'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," said Jon Ginder, Chairman and CEO.
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.