SOURCE: North-West Oil Group

November 08, 2006 09:15 ET

North-West Oil Group Announces Extensive Plans to Build Ten Gas Stations in the Northwest Region of Russia

NEW YORK, NY -- (MARKET WIRE) -- November 8, 2006 -- (PINKSHEETS: NDOL) -- North-West Oil Group (formerly Nord Oil International) announced that it is currently conducting negotiations in order to build 10 new gas stations in the Northwest Region of Russia. The project also encompasses additional services such as car washes and the construction of small hotels next to the gas stations.

The Northwest Region of Russia includes the Republics of Karelia and Komi, Nenets Autonomous Area, Arkhangelsk, Vologda, Kaliningrad, Kirov, Leningrad, Murmansk, Novgorod and Pskov Regions and St. Petersburg.

Northwest Russia, with a population of roughly 14.3 million people, has attracted a high percentage of total direct foreign investment in Russia, and has distinguished itself by the progressive outlook of many of its political/economic leaders. Among foreign investors of Northwest Russia are major multinational companies, such as: General Electric, ABB, Siemens, JT-International, Philip Morris, Wrigley, Nestle, Coca-Cola and Pepsi-Cola, Conoco, Caterpillar, Procter and Gamble, ICN Pharmaceuticals, De Biers, etc. Investment projects range from Conoco's $400 million investment in the Polar Lights oil field in Naryan'mar, Arkangelsk Region, to Ford Motor Company's $150 million production facility in the Leningrad Region.

Ernest Malyshev, President of North-West Oil Group, stated, "We are very pleased with the way these negotiations are going. It is an important step for our company in order to diversify its business strategy. These gas stations are absolutely necessary to support the growing business infrastructure of the region. The high profits generated shall provide a steady additional source of cash for the Company."

About Nord Oil / North-West Oil Group

North-West Oil Group (formerly Nord Oil International) is a reporting, publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pink Sheets 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 presently produces over 120,000 Metric Tons of crude oil yearly.

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