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Northamerican Energy Announces Acquisition Update Tuesday December 26, 6:00 am ET
HOUSTON, Dec. 26, 2006 (PRIME NEWSWIRE) -- Northamerican Energy Group Corporation (Other OTC:NNYG.PK - News) announced today that it has completed a portion of the necessary due diligence, and thus has begun accepting, and acquiring, a portion of the 17 leases announced in its November 8th press release. The due diligence on the balance of the leases is continuing and Northamerican hopes to complete the acquisition process on the entire package of leases within 90 - 120 days.
``In addition to working over, and putting these wells back on production, the logs and drilling records on some of these wells show one, or more, promising gas and oil production zones that were passed over, and not produced, when the wells were originally drilled. These additional production zones in these wells can be perforated, treated, and put on production at minimal cost, and are encouraging signs that these leases may even be more productive than originally contemplated, without the need and expenses of drilling new wells, which will add to the existing production contemplated on these leases,'' commented Jon Ginder, Northamerican Energy Group's CEO.
As previously announced, these leases contain a number of inactive gas and oil wells in shallow (1500' - 4300') oil and gas fields located on non-contiguous acreage and leases in Pecos County, Texas, in mature, existing fields, close to, and in some cases adjoining Northamerican Energy's current operations in the Permian Basin.
``These leases, and their wells, are the type of low cost, low risk, primary production properties that fit perfectly into Northamerican's strategy of acquiring economically viable leases that will return investment, and workover costs quickly, resulting in positive cash flow for the company within months,'' continued Jon Ginder.
Northamerican Energy Group has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company will concentrate on acquiring prospects, which are, and have, proven oil and gas production that has been operating for many, many years. By acquiring working interests in proven low-risk fields the Company minimizes the risk by not ``wildcatting or drilling dry-holes'' and incurring any expense of building major infrastructure to get the product to market. Finally, the Company's low-cost operations and low overhead structure allows the Company to maximize the income and revenue from each production lease.
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I didn't get any?// just the news showed up on an alert....I had been playing and watching this for a couple of years, to me the chart looked ready also!
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November 14, 2006: Our Investor Newsletter is designed to help keep our stockholders informed on the kinds of things we’re currently working on, and how these things might interact with Northamerican Energy’s short, and long, term goals, and plans, for the future.
Specific public announcements and news releases will continue to be posted as newsworthy events occur, but in the time periods between those releases our Investor Newsletter will fill in the gaps and continue to keep you, our investors, informed.
Existing Leases And Wells: The workovers of our existing leases, and their wells, are ongoing and a considerable increase in monthly production has been noted so far, but with the next phase plans we have in place it is anticipated that we will double, or triple, our current production upon completion. These plans include completing the downhole treatments on the two wells previously completed with Well Enhancement Service's Radial Jet Drilling technology and perhaps utilizing it on some additional wells. Equipment and labor is still in short supply, and continues to constrict our ability to get things done in a timely manner.
Acquisition of New Leases & Wells: Disintegrating natural gas prices and increased drilling costs from the 2005 levels put a hold on closing Muddy Gas in September, however the acquisition of these leases still remain a possiblity and further action will depend on further evaluation as the future economics play out.
On October 24th we announced an agreement reached with Penergy of Midland, Texas for an exclusive option to acquire 1920 acres of leases encompassing the South Leonard (Queen Penrose) and Rhodes (Yates/Seven Rivers) Fields in Lea County, New Mexico.
After a thorough review of the geological surveys on these leases we have determined that the costs associated with the acquisition, and workover, outweigh the potential upside and we have notified Penergy that we will not be proceeding.
On November 8th we announced that we reached an understanding to acquire and assume as many as 6 additional leases in the Permian Basin as part of an overall agreement with a company that works closely with Northamerican on its current lease holdings. The number of leases under this understanding has now risen to 17 leases, all of which we are completing our review, and due dilligence, on.
These properties contain a number of inactive gas and oil wells in shallow (1500'-4300') oil and gas fields located on non-contiguous acreage and leases in Pecos County, Texas. These properties are in a mature, existing field, and these leases were developed and operated until they became inactive in the past 10-15 years when oil and gas prices did not support their continuing operation.
These leases and their wells are low-cost, low-risk, primary production properties in need of work over using numerous types workover procedures and will return investment and workover costs quickly resulting in positive cash flow for the company within 12 months after completion.
As previously announced we are continuing to explore, and discuss, acquisition of other operating, and non-operating leases, and their wells in Texas, Oklahoma and New Mexico. After completing our due diligence on each of the fields and wells plan to acquire these leases and rework wells that were originally drilled into some of the deeper formations by majors and plugged after they either didn’t meet the major oil companies criteria, or in some cases were simply plugged after being fully produced in the deeper zones. Further news will be made available as agreements are executed.
Other Acquisitions: We have discontinued any discussions on the assets offered to us by Bayport Corporation, of Tulsa, Oklahoma, including any discussions on the Thorium Research Development division previuosly announced.
Other Items of Interest: On October 14th a contract with the publisher of *********.com was executed for the purpose of initiating coverage of Northamerican Energy Group and our work continues on a weely basis.
This decision, and the long term benefits the Company will derive, was reached after careful consideration of all of the factors involved
As I have shared with you previously it was, and still is, our intention to register our 15c2-11 with NASD which makes Northamerican Energy a company where potential shareholders can be solicited, by NASD brokers, versus our current status where they cannot.
Unfortunately, we have run into a problem with the Compliance Officer of the NASD Broker Dealer that was going to accomplish this for us, the problem being a lack of adaquate records, which no longer exist, records which would completely substanciate the manner (stock purchase agreements, copies of checks, etc.) by which the 4200 existing stockholders acquired their 671,953 shares of NUOS (NuOasis Properties) in early the late 1990's.
We are attempting to work around this but until we work something out this situation has caused us to put the entire process on temporary hold.
Last item, many of our stockholders have previously mentioned the fear that the large amount of convertible preferred stock presents, and their concerns if it were to be indiscriminately used by management, or myself in particular, to dilute, or hurt, our current stockholders, and in fact these individuals have asked me repeatedly to cancel these shares to allay those concerns.
As I have explained to those that contacted me on that subject these convertible preferred shares, and the way that they are, or can, or will, be used are a strong asset to the company and for that reason it is simply not in the Company's best interests to make any changes to the current share structure.
Further to that thought to, you who have followed the Company in our 15c2-11 filings from day one will note neither I, nor any of the management, have personally benefited, or ever used these shares for any purpose than to build, and expand, the company and you have my commitment that this policy will continue as long as I am in charge of running this Company.
In closing we again hope that these Investor Newsletter’s will help you to keep you current on what’s happening to our company and aid you in better understanding what we’re attempting to accomplish.
God bless all of you,
Jon Ginder
Chairman & CEO
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Northamerican Energy Announces Reverse Stock Split Last Update: 5:47 PM ET Jan 8, 2007
HOUSTON, Jan 8, 2007 (*********wire via COMTEX) -- Northamerican Energy Group Corporation (Pink Sheets: NNYG) announced that effective January 9, 2007, Northamerican Energy has effected a one for twenty (1 for 20) reverse split of its current outstanding shares of common stock. The effect of this twenty for one stock split will decrease the outstanding common stock of the company from 72,638,335 to 3,631,917 without any change in the par value of such shares, and upon the market opening January 9, 2007, Northamerican Energy's common stock will begin trading on a split adjusted basis under the trading symbol NNYR instead of NNYG. Each share of issued and outstanding is to be automatically converted to 1/20th of a share of common stock provided however that one (1) full share of common stock will be granted to stockholders for any fractional interest remaining after conversion of all outstanding shares. Stockholders who hold their shares in brokerage accounts or "street names" will not be required to take any action to effect the exchange and existing stock certificates will not have to be surrendered, cancelled, or redeemed. "This reverse stock split is part of Northamerican Energy's program to improve its equity structure, increase shareholder value, and attract capital investment," said Jon Ginder, Northamerican Energy's Chairman and CEO. Northamerican Energy Group has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company will concentrate on acquiring prospects, which are, and have, proven oil and gas production that have been operating for many, many years. By acquiring working interests in proven low-risk fields the Company minimizes the risk by not "wildcatting or drilling dry-holes," and incurring any expense of building major infrastructure to get the product to market. Finally, The Company's low-cost operations and low overhead structure allows the Company to maximize the income and revenue from each production lease.
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Northamerican Energy Group Signs Gas Purchase Agreement with Southern Union Gas Services
Jan 22, 2007 06:00:20 (ET)
HOUSTON, Jan 22, 2007 (*********wire via COMTEX) -- Northamerican Energy Group Corporation (Pink Sheets:NNYR) announced today that, as part of its efforts to initiate and commence natural gas production, it recently signed a Gas Purchase Agreement with Southern Union Gas Services, a subsidiary of Southern Union Company (SUG, Trade ).
"Northamerican Energy will not only be putting some of its current natural gas on its existing oil and gas wells back into production, but also the gas wells that are part of its 17 lease package that Northamerican announced on November 8th and December 26th 2006," announced Jon Ginder, Northamerican's Chairman and CEO.
"This agreement will greatly enhance Northamerican's ability to move forward with planned acquisitions of additional leases, and many of the other short, and long, term plans we have previously announced," continued Jon Ginder.
Houston-based Southern Union Company (SUG, Trade ) is one of the nation's leading diversified natural gas companies, and it owns and operates one of the nation's largest natural gas pipeline systems with more than 20,000 miles of gathering and transportation pipelines and North America's largest liquefied natural gas import terminal.
Northamerican Energy Group Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on acquiring prospects, which largely are, and have, proven oil and gas production, which have been operating for many, many years. By acquiring working interests in proven low-risk fields the Company minimizes the risk by not "wildcatting or drilling dry-holes," and incurring any expense of building major infrastructure to get the product to market. Finally, the Company's low-cost operations and low overhead structure allow the Company to maximize the income and revenue from each production lease.
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Northamerican Energy Announces Acquisition of Permian Basin
Last Update: 8:00 AM ET Feb 5, 2007
HOUSTON, Feb 5, 2007 (*********wire via COMTEX) -- Northamerican Energy Group Corporation (Pink Sheets:NNYR) announced today that it has reached an agreement in principle with Penergy, of Midland, Texas, for the acquisition of five Permian Basin leases. The five leases are located in the West Texas Counties of Ector, Martin and Howard and include existing wells that were shut in, and thereafter purchased by Penergy, in the late 1990's when oil prices bottomed out. "The wells on these leases are set to produce oil out of various formations ranging from 1700' to 9000' and can easily be refurbished, and reworked, at nominal cost, to bring them back on line," stated Jon Ginder, Northamerican Energy's Chairman and CEO. "These leases are part of the divestitures of leases that Northamerican Energy has been discussing with Penergy since late last year and we will continue to consider other possibilities with Penergy that fit in with our overall program to expand our operations, and production, both in the Permian Basin, and in other locations," continued Jon Ginder. Northamerican Energy Group Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on acquiring prospects, which largely are, and have, proven oil and gas production, which have been operating for many, many years. By acquiring working interests in proven low-risk fields the Company minimizes the risk by not "wildcatting or drilling dry-holes," and incurring any expense of building major infrastructure to get the product to market. Finally, the Company's low-cost operations and low overhead structure allows the Company to maximize the income and revenue from each production lease.
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Northamerican Energy Group Initiates Natural Gas Production Tuesday February 20, 8:00 am ET
HOUSTON, Feb. 20, 2007 (PRIME NEWSWIRE) -- Northamerican Energy Group Corporation (Other OTC:NNYR.PK - News) announced today that in keeping with previous announcements regarding natural gas production, the Company has initiated gas production under the Gas Purchase Agreement disclosed Jan 22, 2007. Northamerican Energy Group Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on identifying prospects that, for the most part, have proven oil and gas production and have been operating for many years. By acquiring working interests in proven, low-risk fields, the Company eliminates the risk of drilling dry-holes and avoids the expense of building major infrastructure to get the product to market. The Company's low-cost operations and low overhead structure allows it to maximize income and revenue.
The Company confirmed that this step not only begins its program to put back into production natural gas operations on its existing oil and gas wells, but also the gas wells that are part of its 17 lease package that Northamerican disclosed on November 8th and December 26th 2006.
``This agreement will greatly enhance our Company's ability to move forward with planned acquisitions of additional leases and many of the other short and long term plans we have previously announced,'' said Jon Ginder, Chairman and CEO.
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Northamerican Energy Announces Financial Updates Last Update: 7:00 AM ET Mar 14, 2007
HOUSTON, Mar 14, 2007 (*********wire via COMTEX) -- Northamerican Energy Group Corporation (Pink Sheets:NNYR) announced today that as a result of the Company's desire to provide more transparency for its shareholders and to assist financial analysts interested in issuing reports about the Company, it has completed budgets and cash flow projections for the various lease acquisitions announced during the past six months. Additionally, the company today confirmed that an analyst has initiated the process of generating a research report. Jon Ginder, Chairman and CEO for Northamerican Energy Group said, "Although these projections were very conservative and did not assume any production other than what our engineers could verify, based upon existing production figures gleaned from files and records furnished by the owner/operators and the TRRC, the cash flow projections were better than anticipated and should easily add in excess of $2 million annually to Northamerican's net cash flow." Due diligence on the lease acquisitions continues and Northamerican hopes to complete the acquisition process on the entire package of leases within the next 6 months. As previously announced, the leases contain a number of inactive gas and oil wells in shallow (1500'- 4300') fields located in Pecos County, Texas, in mature, existing fields, close to -- and in some cases adjoining -- Northamerican Energy's current operations in the Permian Basin. "These leases, and their wells, are the type of low-cost, low-risk, primary production properties that fit perfectly into Northamerican's strategy of acquiring economically viable leases that will return investment, and workover costs quickly, resulting in positive cash flow for the company within months," continued Mr. Ginder. For further information about the analyst report, please visit www.audiostocks.com.
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Northamerican Energy Announces Partnership Agreement With Monogram Energy
Last Update: 9:45 AM ET May 22, 2007
HOUSTON, May 22, 2007 (*********wire via COMTEX) -- Northamerican Energy Group Corporation, (Pink Sheets:NNYR) announced today that it has reached an agreement with Monogram Energy, of Richmond, Texas to enter into a Limited Liability Partnership to own and operate a total of seven wells located on two Permian Basin leases in close proximity to production that Northamerican Energy Group currently owns and operates. Under the terms of the agreement Monogram Energy, as the Majority Partner, will provide all funds necessary to acquire and workover the wells, and Northamerican Energy, as both the General Partner and a Minority Partner, will operate the wells under an operating agreement with the Partnership. "The wells on these leases are set to produce oil out of various formations ranging from 1700' to 9000' and can easily be refurbished and reworked, at nominal cost, to bring them back on line," stated Jon Ginder, Northamerican Energy's Chairman and CEO. "These leases are part of the divestitures of leases that Northamerican Energy has been discussing with Monogram Energy since late last year and we will continue to consider other possibilities with Monogram that fit in with our overall program to expand our operations, and production, both in the Permian Basin and in other locations," continued Ginder. Monogram Energy is a public company soon to be publicly traded under the trading symbol MGRA. Northamerican Energy Group, Corporation has developed a proven growth strategy of identification, acquisition, and development of domestic hydrocarbon reserves. The Company concentrates on acquiring prospects, which largely are, and have, proven oil and gas production, and which have been operating for many, many years. By acquiring working interests in proven low-risk fields, the Company minimizes the risk by not "wildcatting or drilling dry-holes," and incurring any expense of building major infrastructure to get the product to market. Finally, the Company's low-cost operations and low overhead structure allow the Company to maximize the income and revenue from each production lease. Northamerican Energy is currently featured at AudioStocks, where a profile and other information may be obtained by visiting www.audiostocks.com.
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