Message #14 From:
Stock News Bot Date: November 1, 2006 06:45:00 AM
NVMG News Native American Energy Group Receives Invitation From Chinese Rig Manufacturer
FOREST HILLS, N.Y.--(BUSINESS WIRE)--Native American Energy Group, Inc. (the "Company" or "NAEG") (OTC Pink
Sheets: NVMG), a publicly traded, independent energy company that began
its initial oil production in Northeast Montana, in August 2006 is
pleased to report that GTS-China Drilling Services, a division of
General Turbine Systems of Texas, Inc., has expressed a willingness to
work with NAEG, to meet at their manufacturing facilities in China and
in Texas, and to find a way, together, to develop the acreage Native
American Energy has acquired in the Williston Basin in Northeastern
Montana. GTS-China provides drilling rigs and drilling services to the
industry on a worldwide basis.
NAEG is pleased to have received and has accepted a formal invitation
from Mr. Alexander Chaudhry, the Executive Director of GTS-China, and
the Board of Directors has approved an immediate trip to Beijing by CEO,
Joseph D’Arrigo and CFO, Raj Nanvaan the week
of Oct. 29, 2006 to meet with him. The primary purpose of the meeting is
to define and establish the basis for a possible Joint Venture or
Partnership to develop NAEG’s oil & gas
properties in the prolific Williston Basin, and to examine the potential
of geothermal drilling on certain targeted, tribal lands.
Raj Nanvaan of Native American Energy has also had lengthy, preliminary
discussions with the founder and President of GTS Drilling and
GTS-China, Mr. Sajjad Chaudhry, who is headquartered in Houston, Texas.
It seems that smaller exploration & development companies don’t
want to stand still for very long, and at the same time GTS-China wants
to extend its reach. Due to recent oil field equipment shortages in the
U.S., oil drillers have in some cases found it possible to avoid delays
and speed up production by acquiring machinery furnished by Chinese
manufacturers. The following BusinessWeek article (August 21, 2006, by
Sonia Ryst) in the link below entitled, “In
Oil Rigs, It’s China to the Rescue,”
that mentions GTS Drilling and their pioneering role in introducing
Chinese oil field equipment to the U.S., describes the increasingly
important role that Chinese rig manufacturers play in the production of
oil & gas drilling equipment:
Joseph D’Arrigo, Chief Executive Officer of
Native American Energy Group,stated, “The
Company now has approximately 5 million barrels of oil in reserves, a
substantial number of shut-in wells, already, and Bakken exposure. We
are also currently pursuing a sizable oil field acquisition that will
really put NAEG on the map if we succeed with that bid. At this
particular time, I just can’t help but be
impressed with the turn-key solution and track record GTS has to offer
because it represents an opportunity to really accelerate our growth.
GTS-China now has over 40 rigs from China in the U.S. that are working
excellently. NAEG’s own Tony Johnson, our
Senior Geologist & Petroleum Engineer, has informed me that for many of
our shut-in oil wells to gain significant flow it is just a matter of
opening a new zone, and for the Bakken wells we can take two of them and
do some horizontal, directional drilling to test them. Because we know
the Bakken is there, we can expect typical flow-rates of 400 to 3,000
BOPD or greater. So are we interested in a company that furnishes both
rigs and operators? Yes! GTS offers directional drilling experts,
completion experts, and complete well construction, and not just
drilling a well.”
General Turbine Systems of Texas, and General Turbine Systems, Inc. are
USA corporations (founded in 1979) and are owned and operated by
Pakistani-American, Houston, Texas based Chaudhry family. GTS-China
Drilling Services has the capacity to drill all types of wells; oil,
natural gas and geo-thermal to a maximum depth of 25,000 ft. GTS
Drilling specializes in high altitude directional drilling, and has
down-hole experts and tools to satisfy any and all directional needs for
the operator. GTS has provided worldwide services in Brazil, Mexico and
Ecuador, and its U.S. operations are in the rocky mountain region. In
the Middle East GTS works in Pakistan, Saudi Arabia and UAE-Dubai;
Europe (in Italy, companies Fiat Avio for 15 years, and Belleli for 8
years); and in Asia: China. In a historic joint venture, HongHua Ltd.
and GTS Drilling joined together to bring the first Chinese manufactured
rig to the United States in 2005. GTS has a pool of over 200 petroleum
engineers that can tackle any job in the oil & gas field, drilling
experts and site geologists, and are experts in acreage development,
drilling and completion, and workovers. GTS’
team of petroleum engineers come from countries such as Venezuela, China
and the United States.
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.
