NX Petroleum Inc. Signs Memorandum of Understanding with European Company to List on European Exchange

ZURICH--(BUSINESS WIRE)--NX Petroleum Inc., an independent oil & gas exploration and production company, today announced that it has signed a Memorandum of Understanding to be purchased by an European Oil & Gas Company (“The Euro O & G”). For regulatory reasons, the Euro O & G may not be named until the transaction is complete.

Under the terms of the agreement, the Euro O & G and NX Petroleum Inc. (NXP) will be entering into an acquisition whereby the Euro O & G will acquire the entire interest in NXP, subject to final third party financial opinions and engineering reports with regard to the valuation of specific oil and gas assets.

In the interim, the Euro O & G intends to list on a recognized Stock Exchange within the next 21 days subject to regulatory approval whereby “Recognized Stock Exchange” means a regulated, regularly operating, and open stock market or investment exchange with a “Ready Market”.

NX Petroleum Corporation is an Independent Oil & Gas Company whose focus is the acquisition, development and production of oil and natural gas properties. The Company owns four leasehold properties in Montana and Wyoming totaling over 45,000 acres with a combined EUR (estimated ultimate recovery) reserve currently exceeding 132.8 million barrels of oil equivalent. UnionTown Energy Inc. (PINKSHEETS: UTOG) owns 48% of the shares of NXP and a 10% working interest in the New Miami Property.

The information herein does not constitute an offer of or an invitation by or on behalf of NX Petroleum, or any of its subsidiaries to subscribe for or purchase securities of NX Petroleum or any of its subsidiaries, but is provided as a matter of record only. In particular, the information contained herein does not constitute an offer of securities for sale or solicitation of an offer to buy securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.