MOSCOW, Oct. 23, 2007 (PRIME NEWSWIRE) -- North-West Oil Group Inc. (Pink Sheets:NWOL) today announced that it has released a market valuation report of 100% of OOO "North-West Oil Group - Saratov".
The report was written in accordance with the contract of valuation No. 108/06 of March 16, 2007 where experts of OOO "Business Vector" made the valuation of the market value of 100% of the shares of OOO "North-West Oil Group-Saratov" indicating its value to be US$57,418,000. A copy of the report in its entirety may be viewed here: http://www.nwog.info/nwog-saratov.zip
Published reports indicate the Saratov Region has significant reserves of natural resources, including large deposits of natural gas, oil shale, salt, chalk, limestone, clay, sand, dolomites, and aragonite. The oil shale deposits alone equal to over a billion tons. Oil and gas are considered to be the most significant natural assets of the region. The oil and gas production has been developed since 1944. In total, oil deposits of the region are estimated at 500 million MT, 43.1% of which are extractable. Projected reserves of gas condensate are 164 million MT, 56.2 percent of which are extractable.
Mr. Malyshev, President of North-West Oil Group Inc. stated, "As promised and in step with recent proactive initiatives focused on creating transparency into our operations and assets, I'm pleased to make available the independent valuation report of 100% of OOO `North-West Oil Group-Saratov' completed on April 16, 2007. We are pleased that this report, in conjunction with the recently issued report on OOO `Company "Neftegazenergo,' resulting in a combined approximate value of US$92,418,000, confirms our long-standing contention that our interest in these fields creates a significant value proposition for our shareholders."
Mr. Malyshev further added, "As stated in a previous press release, these valuations were conducted when oil traded at around $70.00 per barrel, while today we are witnessing prices closing in on $90.00 per barrel. Considering that Russian oil trades at a significant discount of about $20.00, and the valuation was based on $55.00-$60.00 per barrel, this makes us even more confident in the true value of these assets."
About North-West Oil Group, Inc.
North-West Oil Group Inc. is a publicly traded Oil & Gas company trading under the ticker symbol "NWOL" on the U.S. Pink Sheets market.
Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.