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Publish Date : 22-Sep-2012

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., owns 48% of the shares of NXP and a 10% working interest in the New Miami Property.

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