SOURCE: Nord Oil International Inc.

June 22, 2006 14:27 ET

Nord Oil/North West Oil Group Continue on Road to Acquisition

MOSCOW -- (MARKET WIRE) -- June 22, 2006 -- NDOL/North-West Oil Group (PINKSHEETS: NDOL) announced today that it is eager to continue the process of making the acquisition of OAO NK Magma. The tender referred to in the previous news release was a private tender that permitted it to negotiate with Magma directly without the necessity of dealing with other interested buyers. Although the acquisition price is not yet determined, we are expecting it to be in the range that was referred to previously. This transaction is very important as it will immediately increase the Company's oil production fivefold.

North-West Oil Group is in negotiations to purchase the oil producing company OAO NK "Magma" and intends to acquire the shareholders' block of common shares which constitute 98% of the Company's share capital. North-West Oil Group offered for the present asset $350 million. Following a positive result, the present transaction shall be finalized during the period from July till September 2006. Recovery of the investment made in the present acquisition will be from 3 to 5 years, depending on the price of oil on the world market.

OAO NK "Magma" holds licenses for exploration and production at the Yuzhnoye and the Orehovskoye oil fields in the Nizhnevartovskiy district of the Khanty-Mansi Autonomous Area (KhMAO).

TheYuzhnoye oil field has initial recoverable C1+C2 oil reserves approved by the State Reserves Committee under the Russia Federation Ministry of Natural Resources (SRC) and which amount to 102,718,000 barrels of oil, of which category Cl reserves totaled 97,294,000 barrels. As of January 2005, the total oil production reached 18,359,000 barrels, and the remaining recoverable reserves amounted to 84,358,000 barrels of oil, where category Cl reserves equal 78,934,000 barrels. The Orehovskoye field has a total initial recoverable category C1+C2 reserves in the state reports that amount to 52,684,000 barrels of which Cl reserves total 47,530,000 barrels. The total category C1+C2 remaining recoverable reserves of the Yuzhnoye and the Orehovskoye oil fields amount to 137,042,000 barrels, of which category Cl reserves total 126,465,000 barrels.

The year 2005 production is 2,409,000 barrels which is 37.5% more than in 2004. The Company is going to bring 15 new wells into operation. Over a 9-month period, the Company drilled 10 new wells and produced 1,832,000 barrels of oil. In September 2005, daily oil output reached 7,263,000 barrels which corresponds to an annual output of 2,649,000 barrels. The average oil output for 2004 totalled 225 barrels per day; for 2005 the daily average was 233 barrels per day. The production peak is planned for 2008 at the rate of 5,548,000 barrels per annum.

As of October 1, 2005, the Yuzhnoye oil field infrastructure consists of 33 producing oil wells, an automatic group custody transfer meter, two booster-pumping stations, power lines, and a field pipeline system. The Company also owns a pipeline to the oil filling station in ÎÀÎ "Nizhnevartovskoye Neftegazodobyvayuschee Predpriyatie" (the "NNP") owned by ÎÀÎ TNK-BP, and a custody transfer station. In the last quarter of 2005 a block cluster pumping station was put into operation providing facilities for total utilization of water produced as a result of oil separation, and the finishing organization of the reservoir pressure maintenance system.

The oil producing assets of the Company are situated in the center of the Vartovskiy region with a well-developed infrastructure including a pipeline system, motorways, and a power supply system, which is doubtless a positive factor for the Company's further development.

About Nord Oil International Inc.

Nord Oil International Inc. is a reporting, publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA. Nord Oil International and the North-West Oil Group merged on May 11, 2006. The company is in the process of filing all regulatory statements and will change its name to the North-West Oil Group and will be issued a new ticker symbol. The company presently produces over 120,000 Metric Tons of crude oil yearly.

Important Information About Forward-Looking Statements

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.

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