North West Oil Group, Inc. (NWOL): Oil India JV's x 2 http://www.szng.ru...

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J.C.N.

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J.C.N.

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Sunday, 06/18/2006 3:12:54 AM

Sunday, June 18, 2006 3:12:54 AM

Oil India JV's x 2

http://www.szng.ru/nov_e.html

January 19, 2006
The company applied to TNK-BP for participation in tender for purchase OJSC «Udmurtneft». Udmurtneft - Udmurtneft is TNK-BP’s key oil producing enterprise in the Udmurtia Republic. It is the leading producer in Udmurtia’s fuel and energy complex, accounting for 60% of the region’s total oil volume. Annual production volume totals some 6 million tons.

http://www.tmcnet.com/usubmit/2006/03/01/1422028.htm

[March 01, 2006]
Russian co, Oil India to bid for Udmurtneft (Part 2)

(Interfax News Agency Via Thomson Dialog NewsEdge)MOSCOW. Feb 28 (Interfax) - Northwestern Oil Group (SZNG), which holds a number of operating licenses in Russia's Saratov region, and Oil India have made a joint bid to buy 96.9% of Udmurtneft (RTS: UDMN), which produces around 6 million tonnes of oil per year, from TNK( RTS- TNKO)-BP, SZNG told Interfax.

The company declined to reveal how big a share each company had in the alliance on commercial secrecy grounds.

http://www.szng.ru/nov_e.html

April 2006
Representative office of “North-West Oil Group” was opened in Asian region, India, New Delhi.

Nord Oil / the North-West Oil Group to Create a Joint-Venture With Oil India, India's Leading Oil and Gas State Enterprise

The current board of directors is being changed to include 4 members appointed by the North-West Oil Group shareholders out of a total of 7 board members. Effective May 11, 2006, Mr. Makarov will have resigned his functions of President and CEO and Mr. Ernest Malyshev, President of North West Oil Group has been appointed the new President.

MONTREAL, May 23, 2006 (MARKET WIRE via COMTEX) -- Nord Oil / The North-West Oil Group (PINKSHEETS: NDOL) and its president Mr. Ernest Malyshev are pleased to announce today that they are finalizing negotiations with Oil India, a leading oil and gas state enterprise for the creation of a joint venture to develop the Russian Oil market.

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B510CB22....

Russian oil interest TNK-BP says no decision yet on Udmurtneft sale

http://en.rian.ru/russia/20060605/49090410.html

TNK-BP sells Udmurtneft to Rosneft-Sinopec alliance - source

My conclusions on the above information.

1. NWOG(Northwestern Oil (SZNG)(Spelling from March article above) and Oil India as of March 1 2006 were entered into a JV to acquire Udmurtneft from THK-BP also called TNK (SP). This to me would be the FIRST JV between the two if they are the successful bidders to buy Udmurtneft. (Does not look that way since they are no longer listed as bidders in either news article listed above)

2. In April New Delhi office of NWOG opened.

3 On May 23, 2006 the new president Mr. Ernest Malyshev announces the finalizing with Oil India of a JV to develop the Russian Oil market. This to me is a second JV which we have not seen details of as yet.

4. NWOG and Oil India have been working together for some time.