SOURCE: North-West Oil Group

April 02, 2007 16:16 ET

North-West Oil Group Presents Consolidated Financial Statements for the Year Ending March 31, 2007

MOSCOW -- (MARKET WIRE) -- April 2, 2007 -- North-West Oil Group (PINKSHEETS: NWOG) today provided consolidated financial statements for the year ending March 31, 2007 and will proceed to file its audited financial statements.

FINANCIALS PREPARED BY LLC "Audit-Invest-Consult"

                      NORTH-WEST OIL GROUP INC.

                  CONSOLIDATED INTERIM BALANCE SHEET
                              (UNAUDITED)
                                         MARCH 31, 2007      MARCH 31, 2006
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                                              U.S. $              U.S.$
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                       ASSETS
CURRENT ASSETS
Cash and Equivalents                             3 000                3 092
Accounts Receivables                           404 710              713 663
Financial Assets                                                    765 361
Inventory                                       49 981              785 204
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Other                                          412 581              434 296

Total Current Assets                           870 272            2 674 616


Fixed Assets                                49 443 919           99 679 186
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Financial Assets                             4 923 623
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Total Assets                                55 237 814          102 353 802
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       LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts Payable                               951 120            1 021 767
Other Current Liabilities                    4 127 953               96 725
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Total Current Liabilities                    5 079 073            1 118 492
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Long Term Debt                               1 439 916           12 235 595
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Total Liabilities                            6 518 989           13 354 087
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STOCKHOLDERS' EQUITY:
Capital Stock                                      347                  347
Paid in Capital                             33 508 800           79 352 969
Retained Earnings                           15 209 678            9 646 399
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Total Stockholders Equity                   48 718 825           88 999 715
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Total Liabilities and Stockholders'
 Equity                                     55 237 814          102 353 802
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                       NORTH-WEST OIL GROUP INC.

   CONSOLIDATED INTERIM STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
                               (UNAUDITED)

                                          FOR THE PERIOD     FOR THE PERIOD
                                          APRIL 01, 2006     APRIL 01, 2005
                                          MARCH 31, 2007     MARCH 31, 2006
                                          --------------     --------------
                                               U.S.$              U.S.$
Sales:
Income                                        43 148 891        103 996 305
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Operating Expenses                            28 046 779         83 822 737
Selling, general and administrative            6 790 541          6 406 171

Amortization/Depreciation                        996 792          1 031 828
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                                              35 834 112         91 260 736
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Earnings before Provision for Income Taxes     7 314 799         12 735 569
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Total other Income Net                             5 362             20 799
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Earnings before Tax Provision                  7 320 105         12 714 770

Provision for Income Tax Expense               1 756 825          3 051 544
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Net Income for the Period                      5 563 279          9 663 226
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Net Earnings for Common Share
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Fully Diluted
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Weighted Average Common Shares
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Fully Weighted Average Common
 Shares Outstanding
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                       NORTH-WEST OIL GROUP INC.

             CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
                               (UNAUDITED)

                                         FOR THE PERIOD     FOR THE PERIOD
                                         APRIL 01, 2006     APRIL 01, 2005
                                         MARCH 31, 2007     MARCH 31, 2006
                                         --------------     --------------
                                              U.S.$              U.S.$
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Earnings                                  5 563 279          9 663 226
Depreciation and amortization                   996 792          1 031 828
(Increase) decrease in:                               -                  -
Changes in Receivables                          308 953           (517 582)
Changes in Liabilities                       (6 835 098)           716 666
Changes in other Operating                   33 508 800
Activities                                    1 473 584         (1 003 114)
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Net cash and cash equivalents provided by
OPERATING ACTIVITIES                         35 016 310          9 891 024
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CASH FLOWS FROM INVESTING ACTIVITIES
Increase Investments Assets                  16 290 635
Purchase of Capital Assets                     (230 468)      (111 171 618)
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NET CASH USED FOR INVESTING ACTIVITIES       16 060 167       (111 171 618)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Paid in Capital                 (40 280 890)        88 999 369
Long-term loan                              (10 795 679)        12 235 595
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Net cash from Financing Activities          (51 076 569)       101 234 963
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Net (Decrease) Increase in Cash                     (92)           (45 631)
Cash - Beginning of Period                        3 092             48 723
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Cash - End of Period                              3 000              3 092
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SUPPLEMENTAL DISCLOSURE OF NON-CASH

FLOW INFORMATION

CASH PAID DURING THE YEAR FOR:

INTEREST                                              -                  -
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INCOME TAXES                                          -                  -
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NORTH-WEST OIL GROUP INC.
NOTES FOR CONSOLIDATED STATEMENTS
AS AT MARCH 31, 2007
(UNAUDITED)
1. ACCOUNTING POLICIES

a) Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.

b) Cash and Cash Equivalent

The Company considers highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

c) Fixed Assets

Furniture, fixtures and equipment are recorded at cost less accumulated depreciations which is provided on the straight-line basis over the estimated useful lives of the assets which range between three and seven years. Expenditures for maintenance and repairs are expensed as incurred.

Income Taxes

The Company accounts for income taxes in accordance with the "liability method" of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using the enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the respective periods' taxable income for federal, state and foreign income tax reporting purposes. As at March 31, 2007 these amounts were $1,756,825.

d) Earnings Per Share

Earnings per common share is computed pursuant to SFAS No. 128 "Earnings Per Share". Basic earnings per share is computed as net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock.

e) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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.

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.

Contact Information

  • Contact:

    Maria Romanova
    North West Oil Group
    Tel: +7 495 621 11 15
    E-Mail: maria@szng.ru
    Web: http://www.szng.ru

    Limited Liability Company "Audit-Invest-Consult"
    5, Eldoradovskiy pereulok
    Moscow 125167, Russia
    Tel. 785-14-28
    Fax 785-14-25
    www.auinco.ru