North American Oil and Gas Corporation:
North American Oil and Gas Corporation (the “Company” or “NAMG”) has completed the strategic review of its greater Tejon Area encompassing 3,429 gross acres (2,946 net acres). The Company has incorporated results from its first well (Pass Exploration 77-20) and the newly acquired 37m 2 of 3D seismic following an extensive internal review including the assistance of leading industry consultants in the San Joaquin Basin.
The strategic review has upgraded the prospectivity of the Company’s Tejon acreage. The new portfolio comprises of 14 low risk to moderate risk high impact appraisal / exploration prospects targeting light oil with P50/P10 1 resource potential of 24/81mmboe gross, all located in the prolific southern San Joaquin Basin California. This is a significant upgrade to our previous estimates of 4 prospects targeting P50/P10 resource potential of 20/65mmboe gross.
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