SOURCE: North West Oil Group

January 16, 2007 13:24 ET

North West Oil Group Defines the Program of Share Repurchase

MOSCOW -- (MARKET WIRE) -- January 16, 2007 -- North West Oil Group (PINKSHEETS: NWOG) (FRANKFURT: CXIA) -- North West Oil Group defines the program of share repurchase as the favorable investment for the future of the company and plans to spend about $6 million for this program. The program is calculated for one year and will be carried out on a quarterly basis. At the first stage within three months it is planned to repurchase 8% of the free shares. From February 1st about four million shares will be repurchased by the established price of $0.12. The price will be established monthly. By results of the given program in the end of year the company will approve cash dividend and it will be informed in the further. At the end of 2006 there were 156,342,483 (25%) registered free shares and 463,057,905 (75%) restricted shares.

North West Oil Group informs about the termination of partner relations with MCS Global Strategies and plans to employ the American company for communication with investors and it will be informed in the further. The given decision is accepted in interests of the investors which majority quantity-based in United States of America and also considering a time barrier.

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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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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