Nitinat Minerals Corp. (Canada Venture: NZZ) plans to buy Taman Petroleum Corp., a private Canadian oil & gas company with interests in southwestern Russia, for about $C1.5 million in shares.

Under terms of the arrangement, Nitinat will issue 10 million shares worth about $C0.15 each to Taman shareholders. Taman owns 8% of the South Temryuk Oil & Gas Exploration-Exploitation Licence in the mature Azov-Kuban petroleum region of southwest Russia through its holdings in Technoton LLC, a Russian private company which owns 100% of the Project; covering an estimated 4,000 hectares.

Taman, via its interest in Technoton, has a formal participation, option and purchase agreement to govern the option and rights to revenues from the production from the project. Taman has a right to earn an additional 20% of the project by purchasing an additional 20% equity interest in Technoton for an aggregate purchase price of $2 million or $1 million for each 10% allotment. To date, Taman has paid an aggregate of $250,000 to Technoton for the purchase of the first additional 10% equity interest in Technoton.