SOURCE: Native American Energy Group
LAKE SUCCESS, NY--(Marketwire - Jan 29, 2013) - Native American Energy Group, Inc. (OTCQB: NAGP) (the "Company" and "NAGP") today announced that the Company has reached an agreement with Semjet International Ltd, one of its large creditors and service providers, regarding the conversion of $425,000 of debt to equity.
Semjet is an oilfield technology service provider that supplied the Company with lateral jetting services in association with NAGP's Five-Well Enhanced Oil Recovery Program in Montana. The debt is being converted at $1.00 per share and will bear restrictive legends in compliance with Rule 144. As part of its efforts to materially strengthen the Company's balance sheet, within the last 12 months, NAGP's management team has succeeded in reducing its debt by over $1.28 million through restructuring of license agreements and conversion of debt to equity at an average price of $1.20 per share.
Thomas Jenkins, President and CEO of Semjet, stated, "After discussions with NAGP's management and a review of the Company's long term business strategy, we feel very confident that the Company will be creating significant value for its shareholders through execution of its business plan. We greatly value our working relationship with NAGP and believe that conversion of this debt to equity in the Company represents a sound business decision for Semjet and one that will ultimately prove to be a meaningful investment in our companies' mutual success."
"We are very grateful for the actions taken by Semjet and appreciate their strong vote of confidence in our Company, our business plan and our management team," added Joseph D'Arrigo, NAGP Chairman, President and CEO. "Semjet has been and will remain a mission critical partner to NAGP. Our utilization of its cutting-edge lateral jetting technology is expected to continue playing a significant role in allowing our Company to fully optimize our existing oil and gas assets, as well as those we will look to acquire and develop in the future."
About Semjet International, Ltd
Headquartered in Hong Kong with regional operations in the United States, Canada, Thailand and Tianjim and Beijing, China, Semjet provides its global client base with a unique range of Smart-EOR™ and Smart-CBM™ technology, with improved applications and a reduction in operating costs. Deployed using Multi-lateral Jetting Systems, the Company's Formation Access Tools, Extended Reach Stimulation and Underbalanced Jetting methods are just a few of the revolutionary techniques available to its clients to improve their production and maximize their revenues. For more information, please visit www.semjet.com.hk.
About Native American Energy Group, Inc.
Native American Energy Group, Inc. is a New York-based, energy resource development and management company.
Further information on the Company can be accessed on the web at the following links:
www.nativeamericanenergy.com, www.facebook.com/nativeamericanenergy and
www.youtube.com/nativeamericanenergy or via email at NAGP@hanoverelite.com.
This release, as well as media publications and videos accessible on the NAGP's website and social media pages such as YouTube, Facebook or Twitter, include "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, the timing and extent of changes in commodity prices for oil and gas, drilling, development and operating risks, counterparty risk, competition, environmental risks, litigation uncertainties, the availability of drilling rigs, workover rigs and other support services, legislative and/or judicial decisions and other government or Tribal regulations which could cause actual results to differ materially from those indicated herein. Further information on our business, including the risks inherent therein, is included in our filings with the SEC.