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Native American Energy Group Announces Share Buyback Program Monday May 14, 9:35 am ET
FOREST HILLS, N.Y., May 14 /PRNewswire-FirstCall/ -- Native American Energy Group, Inc. (the "Company," or "NAEG") (Pink Sheets: NVMG - News) today announced that its Board of Directors has resolved to initiate a $250,000 stock repurchase program that it expects to complete over the next several months. ADVERTISEMENT
The Company is now very clearly focused on executing its expansion strategy. The shares acquired through open market purchases will be retired to treasury for the purpose of executing NAEG's targeted acquisitions, rather than issuing new shares.
Chief Financial Officer, Raj Nanvaan of Native American Energy Group said, "Today's announcement represents another component in NAEG's commitment to enhancing long-term value for all our shareholders. Since its inception, the Company's available cash is what has primarily been used to fund growth through all of the various capital expenditures and strategic acquisitions, however; in recognition of NAEG's fundamental value and prospects, our joint venture partners are agreeable to accepting the Company's common shares for the purpose of completing certain proposed mergers that are being finalized. Management does not believe that dilution is the answer. NAEG will therefore from time to time repurchase shares in the open market, initially up to an aggregate purchase price of $250,000, based on market conditions, share price and alternative uses of cash. If additional shares are needed for other business that is on the horizon I would expect that the Board of Directors would be asked to authorize one or more additional repurchase programs."
Joseph D'Arrigo, CEO of Native American Energy Group, expressed confidence in reaching the Company's 2007 strategic goals. "We are well-positioned and on track to deliver on our strategic goals as we've outlined it for the future. The oil & gas industry is strong and NAEG's share is growing, the need for affordable housing on the reservations is high, and interest in renewable energy continues to grow. This bodes well for our long-term growth prospects and cash-flow generation."
D'Arrigo highlighted several key factors involved in executing the 2007 strategy:
* Deployment of the 1st workover rig in June to drive oil & gas production * NAEG has submitted the necessary paperwork to the appropriate agencies for both government and private funding for housing construction & infrastructure * NAEG's joint venture partners bringing cutting edge solar and wind power technologies and their own sources of funding have asked NAEG to secure acreage on Indian Reservations for the planning and development of strategic energy parks that will provide energy and revenue for NAEG, the tech companies, as well as the tribes for generations to come * NAEG is meeting with and solidifying joint ventures and forming exclusive partnerships with several U.S. tribes
Mr. D'Arrigo added, "NAEG has established a well-defined strategy for reviving abandoned oil fields that we are focused on executing, however, we also have a much broader reach now than at our beginnings. Most important is the strong emphasis we have placed on encouraging economic development, as well as financial and energy independence for Native American tribes. As such, the company has evolved from an oil and gas company to an energy resource development and management company for America's tribal nations."
NAEG's previous achievements can be accessed on the Investor Relations page below:
Native American Energy Group (NAEG) is a publicly traded independent energy company based in New York trading under the symbol NVMG.PK. The company specializes in acquiring and revitalizing abandoned oil fields with substantial known reserves in place, as well as, introducing energy alternatives in Indian Country. Apart from existing fields, the company has also aggressively acquired oil & gas leases for new development overlying prolific areas in the U.S.
Safe Harbor Statement: This News Release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities & Exchange Act of 1934, as amended, with respect to corporate objectives, projections, estimates, operations, acquisition and development of various interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
-------------------------------------------------------------------------------- Source: Native American Energy Group, Inc.
-------------------- please dont trade stocks on my alerts, do your dd first. Posts: 5265 | From: Alberta | Registered: Jan 2006
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