FOREST HILLS, NY--(Marketwire -08/21/12)- Native American Energy Group, Inc. (NAGP) (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."