HOUSTON, April 11, 2006 (PRIMEZONE) -- Northamerican Energy Group Corporation (Pink Sheets:NNYG) announced today that, given the capital resources our agreement with Golden Gate Investors is providing, contracts were executed on April 7th with Well Enhancement Services (www.wellenhancement.com) to begin the Radial Jet Horizontal Drilling on the first two of many wells, the initial work on which is scheduled to begin at the end of April.
"Northamerican's staff, and our independent analyst, Next Phase Development located in Casper Wyoming, did a great deal of cumulative research on this technology, some of which is posted on Northamerican Energy's Boards on Investors Hub (www.investorshub.com) for our investors review," stated Jon Ginder, Northamerican Energy's Chairman and CEO.
"This is an exciting, proven, technology that has historical project post appraisals that show 10-20-fold increase in production, along with incredible increases in Net Present Value per well, or lease, due the substantial increases in estimated oil and gas reserves," Jon Ginder continued.
"This is just the first announcement of some of the many Northamerican Energy plans our relationship with Golden Gate is enabling us to proceed with, and additional news on other plans and acquisitions will be announced as they begin to be finalized."
Northamerican Energy Group Corporation 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 which 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.
Safe Harbor Provisions
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.