SOURCE: North-West Oil Group

December 05, 2006 14:17 ET

North-West Oil Group Declares That the Company Is on the Final Stage of Purchasing OAO "NK Saratovneftegeofizika"

MOSCOW -- (MARKET WIRE) -- December 5, 2006 -- The president of North-West Oil Group (PINKSHEETS: NWOG) Mr. Ernest Malyshev declares that the company is on the final stage of purchasing OAO "NK Saratovneftegeofizika", which is oil, gas and condensate producing company located in the lower Volga basin within Saratov area, which is a mature petroleum region of Russia. According to technical opinion OAO "NK Saratovneftegeofizika" has the following total reserves:

Oil (barrels):      1P - 2,430,900
                    2P - 3,752,200
                    3P - 6,613,800
Gas (Bsm):          1P - 0.064
                    2P - 0.551
Condensate (Mt):    1P - 0.001
                    2P - 0.072
The quality of the produced oil from these deposits shall obtain a premium price per barrel and this will economically provide a most efficient return. Natural gas will be exported to the GAZPROM network via a 1.7 km pipeline. In given opinion of experts by investing $ 5-10 million during 3 years, cost of the asset is going to reach $100 million.

The president of the company Mr. Ernest Malyshev connected the appearance of great volume sales of the shares on American market, according Pink Sheets 33,010,412 for the last two days of trading with the information mentioned above. The reason of purchasing the shares is caused by forecasts of significant growth cost of the share in the near future and increase of capitalization, in connection with purchasing of the new assets.

He has also added: "We are sincerely glad, that such great volume sales of the shares presented for last two days, undoubtedly, displays interest of public to the company and to the assets located in Russian Federation. We are extremely afflicted with the mistrust of those investors, who urgently sell out the shares, being blind to the future prospects of growth and development of the company and we welcome investors, who are purchasing the shares and we promise they stay satisfied with this acquisition."

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. The company presently produces over 120,000 Metric Tons of crude oil yearly.

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