Native American Energy Group Announces $854,138 (17%) Debt Reduction as of End of Second Quarter 2012
August 21 2012 - 6:30AM
Marketwired
Native American Energy Group, Inc. (OTCQB:
NAGP) (PINKSHEETS: NAGP) today announced a reduction in its balance
sheet debt by an aggregate amount of $854,138 for the Second
Quarter 2012, representing a 17% reduction for the three months
ending June 30th, as reported in the Company's 10-Q Quarterly
Report filed with the SEC on August 14, 2012.
"We are pleased to have reached agreements with owners of a
significant amount of our long-term corporate debt. In addition to
restructuring of license agreements, the debt to equity conversions
between $1.00 and $2.00 per share demonstrates the confidence of
our creditors in NAGP's growth prospects and further strengthens
our position with funding negotiations we are currently pursuing
for future acquisitions. Based on our strategic initiatives for the
third and fourth quarters of 2012, we have decided to halt any
further debt conversions. Our objective is to not dilute the
Company any further, but instead, to reduce our remaining debt with
revenues from oil production in Montana," stated Raj Nanvaan, Chief
Financial and Operations Officer of NAGP.
About Native American Energy Group, Inc.
Native American Energy Group, Inc. is a New York-based, independent
energy resource development and management company with three
principal projects: oil & gas, coal-bed methane natural gas
("CBM") and planned, wind turbine power generation technology.
Additional information on the company can be accessed on the web at
the following links: www.nativeamericanenergy.com, www.youtube.com/nativeamericanenergy, and www.facebook.com/nativeamericanenergy and www.twitter.com/N_A_G_P. For more information, please
email NAGP@efcg.net.
Forward Looking Information This release,
as well as media publications and videos accessible on the NAGP's
website and social media pages such as YouTube, Facebook or Twitter, include "forward-looking statements" as
defined by the Securities and Exchange Commission ("SEC"). Such
forward-looking statements may pertain to, or describe, the future
business activities of the Company and "actual" results may be
materially different from those projected. Further information on
our business are discussed in the Company's filings with the SEC,
including its Annual Report on Form 10-K under the headings
"Business" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations."
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FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Hanover-Elite: Dodi Handy or Kathy Addison (407) 585-1080 Email
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