DGAP-News: Northwest Oil&Gas Trading Company, Inc.: Par value increase executed
(firmenpresse) - Northwest Oil&Gas Trading Company, Inc. / Key word(s): Corporate Action/Miscellaneous
14.10.2010 16:00
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Production starts at Wheeler-Gasfield
Report confirms expectation on Dean-Creek-Oilfield
Par value increase executed
The company is pleased to announce, that the work and vernier adjustment
concerning the techniqual devices at the Wheeler-Gaswell will end at the
weekend and production will start. The actual data show a flow rate of
1,000 MCF gas per day which means 120,000 USD per month.
The geological third party report concerning the Dean-Creek-Oilfield
evaluate roundabout 5 Mill. barrels of recoverable Oil. Because of the
available data and the neighbourhood to established producing wells the
'Dean Creek'-field is categorized as a low-risk prospect.
The company is now focused on drilling the Smith-Gasfield, Dean-Oilfield
and Otho-Bank-Oilfield. The target is to bring all fields into production.
At the Smith-Gasfield the Management expects a production rate of 1,000 MCF
gas per day per well (4 wells planned), Dean-Creek-Oilfield (4 wells
planned) and Otho-Bank-Oilfield (up to 15 wells) may produce 1,000 to 1,500
barrels of oil per day per well.
As announced at the 30th day of July, the proceedings to increase the par
value of the stock from 0.001 USD up to 0.20 USD is now accomplished in
Germany and is visible in the banksystems. The management explicit point
out, that an increase of the quantity of the shares was consciously avoided
so that there is no dilution of stock. The company still have 10 million
shares issued and outstanding, which prospectively will be maintained in
contingently capital measures. Management emphasizes, that the companies
ambition is to enhance and to stabilze both, the quality of the projects
and the intrinsic value of the corporation and the stock. Thus will
generate signifcant and sustainable growth and value. The long-term goal is
to increase the par value of up to 1.00 USD per share respectively up to
10.0 million USD nominal capital in total. The strong financial basis
support the companies business relations in the financial market and the
oilmarket itself.
About Northwest Oil&Gas Trading Company, Inc.: Northwest Oil&Gas
Trading Company, Inc. is a young and upcoming exploration company pursuing
the primary goal of activating or reactivating oil- and gas-reserves.
Disclaimer/Predictive statements: This notification serves only general
purposes and is not meant as a tender to purchase or sell shares of
Northwest Oil&Gas Trading Company, Inc.. Some statements in this
notification are so-called forward-looking statements under the U.S.
Private Securities Litigation Reform Act of 1995. These assertions are
based on current expectations, estimates and forecasts as well as currently
available information. The future-oriented assertions are not to be
understood as guarantees of the cited prospective developments and results.
The statements are not based on historical background, but rather represent
predictive position statements and assumptions subject to risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements and
assumptions, including, but not exclusively, certain delays beyond the
control of the company with respect to the beginning and duration of
exploration and production, uncertainties regarding future and/or
unexpected costs, fluctuations in commodity prices, the inability or
failure to obtain adequate financing on a timely basis, changes in the
national and local laws, contestations of legal possession of the property,
hazards effecting the environment, on-site accidents, unusual or unexpected
geological formations, flooding and other natural catastrophes, the risk of
inadequate insurance or the inability to conclude an insurance contract and
other risks, as well as also entirely unknown risks, uncertainties and
factors which could lead to situations where the actual results, financial
situation, developments or performance of the company considerably deviate
from those which were expressly or implicitly assumed in these statements
or assumptions. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking
statements.
Magnolia, October 14th, 2010
Northwest Oil&Gas Trading Company, Inc.
info(at)northwestoil.org
14.10.2010 16:00 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Datum: 14.10.2010 - 16:00 Uhr
Sprache: Deutsch
News-ID 32354
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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