After drilling the Pass Exploration well, on budget, to a total depth of 7,550 feet to test the Tejon Extension prospect, a total of four zones were tested. A small amount of light oil was recovered in one test at depths between 7,120-7,180. North American Oil and Gas Corporation (NAMG), the project operator, has released the rig, pending more detailed petrophysical and geological studies. Additional testing of a shallow zone is anticipated at a later date. NAMG holds a 75% participation interest. East West Petroleum, through its 100%-owned U.S. subsidiary Avere Energy Corp., holds a 25% participation interest in the Tejon Extension prospect.
The Company also announced that ongoing leasing activities in the southern sector of the San Joaquin Basin with EWP has now built the Company’s total acreage position to more than 8000 gross acres. The majority of the new acreage additions have been acquired in an emerging new play area named the Project Lani, where NAMG holds a 50% participation interest.
About North American Oil and Gas Corporation (OTCBB - NAMG)
North American Oil and Gas Corporation (“NAMG”) is a publicly listed (OTCBB - NAMG) oil and gas company. The Company is focused on the prolific San Joaquin Basin, onshore California, with existing foundation assets targeting exploration and exploitation of high impact oil and gas projects located near infrastructure and existing discoveries.
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company’s plans, outlook, business strategy and exploration and development of the Company’s properties. The words “may”, “would”, “could”, “should”, “will”, “likely”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “forecast”, “project” and “believe” or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: the ability to raise sufficient capital to fund exploration and development; the quantity of and future net revenues from the Company’s reserves; oil and natural gas production levels; commodity prices, foreign currency exchange rates and interest rates; capital expenditure programs and other expenditures; supply and demand for oil and natural gas; schedules and timing of certain projects and the Company’s strategy for growth; competitive conditions; the Company’s future operating and financial results; and treatment under governmental and other regulatory regimes and tax, environmental and other laws.