Native American Energy Group Acquires Additional Oil & Gas Leases
Native American Energy Group, Inc. (the “Company” or “NAEG”) (OTC Pink Sheets: NVMG), an independent energy company, is very pleased to announce that it has added 950 acres to its Montana Oil & Gas assets following the approval of the U.S. Department of Interior. The new leases (4) overly the prolific Bakken formation, which contains a well-known producing zone. The U.S. Department of Energy is now calling the Bakken the highest producing onshore formation in the lower 48 states. With the current well spacing at 80 acres, NAEG will have approximately 11 new wells that can be drilled.
Native American Energy Group is a nationwide, bonded-company by the U.S. Department of Interior, affording NAEG the opportunity and authorization to acquire, develop, and produce oil & gas on all 562 federally recognized tribes in this country. Not every company has this privilege. NAEG intends to begin the permitting process with the State of Montana later this year to drill its horizontal Bakken wells in 2008. Management is confident that NAEG will be able to continue to acquire additional quality oil & gas leases in the near future, having arranged for a $5,000,000 funding that is said to be on-track.
“This expansion as well as others that we are looking at will give the Company tremendous leverage as far as production capacity potential,” stated Chief Financial Officer, Raj Nanvaan. “As I had stressed during my speech before the Montana State Tribal Affairs Committee in January 2005, essential to the successful implementation of the Company’s business plan is our ability to continuously work closely with the tribes and individual land owners, and to reinvest in their infrastructure, and we have done so.”
Chief Executive Officer, Joseph D’Arrigo stated, “Native American Energy is most certainly at a turning point in relation to market awareness. One thing I am looking forward to is capturing the live video footage from the well-site so that shareholders will be able to see their investment dollars at work. Once we are fully financed, oil sales will be common on a regular basis. On April 10, 2005 we announced a WSJ article that revealed Montana’s new Oil Boom due to the very prolific Bakken formation on which an oil field was discovered that is producing 48,000 barrels a day. Today, along with NAEG’s expansion in this area, we have read that Marathon Oil, the major national and international oil developer, has acquired 200,000 mineral acres from Billings to McKenzie counties and plans to drill as many as 300 wells into the Bakken in the next five years. The following article at the link below by Lauren Donovan in the Bismarck Tribune entitled, ‘North Dakota may be bigger oil player than Alaska’ describes this situation:”
http://www.bismarcktribune.com/articles/2006/06/20/news/state/ doc4497e42f6e8e5430204114.txt (Due to its length, this URL may need to be copied/pasted into your Internet browser’s address field. Remove the extra space if one exists.)
NAEG’s previous achievements can be accessed on the Investor Relations page:
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