SOURCE: North-West Oil Group

November 09, 2006 10:07 ET

North-West Oil Group Finalizing Purchase of Oil Terminal in Latvia

NEW YORK, NY -- (MARKET WIRE) -- November 9, 2006 -- North-West Oil Group (PINKSHEETS: NDOL) (FRANKFURT: CXIA) (formerly Nord Oil International Inc.) announced today that it is finalizing the purchase of an oil terminal in the Port of Liepaja in Latvia. The terminal is currently being used for the transfer of oven fuel and vacuum gas oil. The main suppliers of those products are Mozyrsky and Novopolotsky refineries as well as refineries from Russia, Ukraine and Kazakhstan. Work is currently being conducted at the port in order to increase its depth that will be finished in 2007. Tanker traffic is expected to increase substantially after the work is completed. When the decision for purchase is finalized, the transaction will be completed before the end of November 2006.

The Port of Liepaja enjoys the most southwestern location of Latvian ports. Because of its favorable geographic location, the port is one of two ice-free ports in Latvia that makes it a convenient transport link between Eastern and Western Europe even during the severest winters.

The Port of Liepaja is part of the Liepaja Specialized Economic Zone (SEZ). Companies working in Freeports and North-West Oil Group shall receive up to an 80% tax discount.

"This proposed purchase will allow us to increase the return from the sale of our own resources as well as to receive additional income from providing transfer services," said the President of North-West Oil Group, Mr. Ernest Malyshev.

About North-West Oil Group

North-West Oil Group 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. Application has been filed for a new trading symbol. The company presently produces over 120,000 Metric Tons of crude oil yearly.

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