Native American Energy Group, Inc. (the "Company" or "NAEG"), an independent energy company, today announced the approval of 2 Oil & Gas leases by the U.S. Department of Interior, Bureau of Indian Affairs consisting of a combined 240 acres. U.S. DOI Contract No. 14-20-0256--541 on Tract No. M 3984-A and Contract No. 14-20-0256-0542 on Tract No. M 1838-B are located in the Williston Basin and are consistent with NAEG's other recent targeted acquisitions.
Funding Update:
On Dec. 14, 2006 the Company announced an agreement had been reached for $5,000,000 in funding. The slight delay in receiving the first tranche is due to the size of the transfer and the fact that it is US dollars first going through the Federal Reserve System and the necessary clearances of the Patriot Act and Homeland Security before being forwarded to a law firm's escrow account in Canada. This is normal procedure.
Officers and directors, Joseph D'Arrigo, Raj Nanvaan and Richard Ross of Native American Energy Group met with "the Lender" and more than 50 business leaders in a 3-day Planning Conference that was held in Las Vegas February 16-18, 2007. The meetings pertained to matters relating to joint ventures, future expansion, the $5 Million funding specifically for NAEG, and additional funding for our joint projects. Our lender did confirm that the money has already been sent.
Shareholder and investor inquiries should be addressed to ir@nativeamericanenergy.com. All material developments and vital releases will be put out in the form of press release, filing, and/or independent research report on the company.
NAEG's previous achievements can be accessed on the Investor Relations page:
http://www.nativeamericanenergy.com/investorrelations.htm
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.
Contact:
Native American Energy Group, Inc.
Richard Ross, 800-780-8076
ir@nativeamericanenergy.com
http://www.nativeamericanenergy.com
Source: Native American Energy Group, Inc.
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