Native American Energy Group Announces SEC Clearance of Form 10 Registration Statement
May 18 2011 - 4:28PM
Marketwired
Native American Energy Group, Inc. (OTCQB: NAGP) (PINKSHEETS: NAGP)
is pleased to announce that it has received a letter from the
Securities & Exchange Commission (SEC) stating that they have
completed their review of the Company's Form 10 Registration
Statement and have no further comments.
"We filed our Form 10 on August 20, 2010 and underwent a review
process consisting of comments by the SEC staff and amendments to
our filing in response to such comments. Completing this process is
a significant milestone toward our goal to create transparency to
the benefit of our shareholders and allow for our common stock to
be traded on the OTCQB Marketplace," said Joseph D'Arrigo, the
Company's President and Chief Executive Officer.
Management has been committed to take all appropriate steps to
become a fully reporting company and renew trading in the public
markets, while the Form 10 Registration Statement and other
periodic filings with the SEC provide investors with the
transparency they need to make informed decisions. As a reporting
company, Native American Energy Group is required to file annual
reports on Form 10-K, quarterly reports on Form 10-Q, and current
reports on Form 8-K and must be in compliance with proxy rules and
other securities laws.
Currently, the Company is traded on the OTCQB Marketplace which
is a newly launched market tier for OTC-traded U.S. companies that
are registered and reporting with the Securities and Exchange
Commission or a U.S. banking or insurance regulator. In addition to
providing real-time quotations, the OTCQB provides a list of market
makers and additional information via www.otcmarkets.com.
Raj Nanvaan, the Company's Chief Financial & Operations
Officer stated, "Our next goal is to secure the financing necessary
for development of our oil leases in Montana so we can take
advantage of the current commodity market prices and begin
generating revenue."
About Native American Energy Group: Native
American Energy Group, Inc. (also known as NAEG) is a
development-stage energy resource development and management
company, with three principal projects: development of oil &
gas interests in the Williston Basin; development of coal-bed
methane natural gas ("CBM") in the Cook Inlet Basin in Alaska; and
implementation of vertical-axis wind turbine power generation
technology for the production of clean, cost-efficient green energy
throughout the USA, including Alaska and all U.S. Indian
reservations.
Safe Harbor Statement: This release may
contain statements known as 'forward-looking' statements regarding
the plans, intentions, beliefs and current expectations of the
Company, its directors, or its officers with respect to the future
business activities and operating performance of the Company. Such
forward-looking statements involve known and unknown risks and
uncertainties, whether expressed or implied by such forward-looking
statements, and "actual" results may be materially different from
those projected. Readers should carefully review all disclosures
filed by the Company from time to time with the SEC and are
cautioned not to place undue reliance on forward-looking statements
which speak only as of their dates.
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CONTACT: Native American Energy Group, Inc. Richard Ross
Chief Communications Officer (718) 408-2323