VENTURA, Calif., Sept. 24, 2013 /PRNewswire/ -- North American Oil and Gas Corporation (the "Company" or "NAMG") is pleased to announce that it has completed an exhaustive analysis on the recently acquired 3D survey covering its 3,429 gross acres (2,946 net acres) Tejon Area totals. The company has completed mapping and volumetric analysis of the 14 prospects previously identified, further refining their extent and reducing their associated technical risk. This work has allowed the company to prioritize its prospect inventory in terms of geologic risk, resource potential, drilling difficulty and permitting issues.
The prospects include 5 target horizons: the Eocene, Vedder, Jv, Olcese, Reserve and Transition Zone. All of these reservoirs are productive at the adjacent Tejon, North Tejon and Wheeler Ridge fields which have together produced over 175 million barrels of oil and gas in oil equivalent terms. The 3D survey has enhanced our understanding of the oil habitat at Tejon and North Tejon fields which were developed without the aid of this data. The new 3D interpretation clearly shows traps that were untested in the previous drilling campaigns because they did not have this data to drive their development programs. Most of NAMG's prospects are up-dip of this old production.
Although our P50/P10 resource estimates have remained the same at 24/81 mmboe, NAMG believes the technical risk of our prospects has been reduced by our continued analysis. NAMG has started the permitting of five wells.
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.As of June 30, 2013, NAMG owned interests in approximately 8,243 gross acres (4,944 net acres) in the southern San Joaquin Basin. 1) White Wolf 4,823 gross (2,098 net) acres; 2) Tejon Main 2,874 gross (2,600 net) acres; and 3) Tejon Extension 546 gross (346 net) acres. 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts