HONG KONG, Oct. 4, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today announced it has entered into discussions to acquire crude oil drilling rights from Mongolia Zhong Bayan Crude Oil Company Limited ("Bayan"), a Mongolian company established in 1999.
Bayan owns a 50 year oil drilling concession right in the Nyalga Valley in central Mongolia. This right was granted by the Mongolian Government in 1999. According to a preliminary reserve research report conducted by Bayan, Nyalga Valley is estimated to have an oil reserve of about 600 million tons.
"Currently, Russia is the main supplier of crude oil and crude oil products for Mongolia and Northern China. However, the supply has been unstable for the last 10 years." said Peter Chun, CEO of NTHH. "Mongolia has an abundance of crude oil reserves that can supply its own needs as well as export to Northern China. The Mongolian Government is dedicated to develop its crude oil drilling industry, and we believe this is an excellent opportunity for NTHH's business."
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates companies in China and Asia that engage in energy and natural resources businesses. NTHH is based in Hong Kong and currently operates two subsidiaries in Asia: (1) Shanxi Jinhai Metal Group that engages in coking coal and steel production in the Shanxi Province of China and (2) PT Borneo Mineral that owns a 30-year coal mining right concession in Indonesia. NTHH is positioning itself to support Asia's growing need for power, energy and natural resources.
Disclaimer Regarding "Forward-Looking Statements"
This news release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays in or refusals of governmental approvals; (iii) risks associated with acquisitions and investments, including the challenges and costs of integration and coordination; and (iv) other important factors as disclosed previously and from time to time in NTHH filings with the U.S. Securities and Exchange Commission. NTHH disclaims any obligation to update any such forward-looking statements after the date of this news release.