Message #6 From:
Stock News Bot Date: October 3, 2006 07:08:00 AM
NVMG News NAEG Announces Oil Sale and Purchase Agreement with Shell
FOREST HILLS, N.Y.--(BUSINESS WIRE)--Native American Energy Group, Inc. (the "Company" or "NAEG") (OTC Pink
Sheets: NVMG) is pleased to announce it has signed an Oil Sale and
Purchase Agreement (SPA) with Shell Trading (US) Company (Shell), and is
to begin supplying high-gravity oil from its producing wells in N.E.
Montana to Shell immediately.
Shell Trading buys and sells several million barrels of hydrocarbons per
day in physical markets, making it one of the largest petroleum supply
and trading organizations in the industry. The above SPA was consummated
in August, subsequent to the sample testing, approval and purchase, by
Shell, of NAEG’s initial oil production from
the Tribal 7-A and COX 7-1 wells located on the Fort Peck Indian
Reservation. Said contract shall be ongoing, and the purchase price
adjusted-to-market at regular intervals during which unlimited period,
Shell will acquire all future oil production from all NAEG wells in
Montana.
Raj Nanvaan, Vice President and CFO of Native American Energy Group,
stated, “We are pleased that Shell Trading was
enthusiastic about being our buyer. This represents NAEG’s
first sale of oil to the North American oil market. We look forward to
this relationship with Shell on our Montana project, and believe both
Native American Energy Group and Shell will benefit from this
interaction. I am happy to report to shareholders and investors, alike,
that Native American Energy Group is firmly and uniquely positioned,
today, in our niche. The nation's demand for energy has increased as a
result of factors like the booming economy, high population growth,
industrialization and urbanization. There is increasing demand for oil
and natural gas as a consequence of this increase in demand for energy.”
Joseph D'Arrigo, President and CEO of Native American Energy Group
further commented, “By design, NAEG has gained
the geographical advantage to help meet this demand for oil & natural
gas by acquiring an infrastructure and inventory of historically
producing wells in the oil & gas rich, Williston Basin region; while at
the same time, NAEG’s production results, I am
very pleased to say, also benefit local Native American tribal
communities and landowners whom are in need of revenues from those
resources. This has become our “niche,”
as we were invited to do. As an independent energy company in current
production on tribal land, we, at NAEG, aim at meeting the energy demand
of our country by means of these oil and gas development projects, as
well as, contributing to the economic well-being & long-term stability
of all of Montana's native tribes that are involved. Therefore, NAEG
carries on studies, acquires and develops prospective leases, and
reaches agreements with natural gas and oil suppliers such as Shell to
help meet this increasing demand. We will continue with the good work we
have started here, as NAEG strives to meet its production schedule.”
Safe Harbor Statement: This News Release may include forward-looking
statements within the meaning of section 27A of the United States
Securities Act of 1933, as amended, and section 21E of the United States
Securities & Exchange Act of 1934, as amended, with respect to corporate
objectives, projections, estimates, operations, acquisition and
development of various interests and certain other matters. These
statements are made under the "Safe Harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995 and involve
risks and uncertainties which could cause actual results to differ
materially from those in the forward-looking statements contained herein.
