edefa : NWOG to Participate in Kalmykia Auction
NWOG to Participate in Kalmykia Auction
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Last Update: 8:19 AM ET Mar 1, 2007
MOSCOW, Mar 01, 2007 (MARKET WIRE via COMTEX) -- North West Oil Group (PINKSHEETS: NWOG) -- On March 21, North-West Oil Group-Saratov, a division of NWOG Inc. will participate in an auction to acquire the right to explore and produce hydrocarbon material at the Yermolinsky subsoil plot (160 sq. km.). The plot is located in the Republic of Kalmykia south-southeast of Moscow on the Caspian Sea.
NWOG President Malyshev says, "This is an old field but our geologists believe that it may still have significant reserves in the deeper substrata."
The Yermolinsky field is 200 km east of Elista, capitol of Kalmykia. It was discovered in 1957 and produced hydrocarbon material from 1970 to 1978. In 1966, engineers discovered underlying gas deposits and registered the field as a condensate reservoir with the All-Union Geological Fund.
Further exploration is necessary to determine proven and probable reserves. However, comparable fields in the Kaspiysk-Kamyshanskoj anticline zone suggest it may have extensive hydrocarbon material that can be economically extracted.
About North West Oil Group (formerly Nord Oil International) North West Oil Group is a non-reporting, publicly traded Oil & Gas company trading under the ticker symbol NWOG on the U.S. Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA.
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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.
SOURCE: North-West Oil Group