VENTURA, Calif., Feb. 3, 2014 /PRNewswire/ -- North American Oil & Gas Corp. (the "Company" or "NAMG") is pleased to announce President and CEO Mr. Robert Rosenthal has increased his shareholding in NAMG. ASPS Energy Investments Ltd ("ASPS"), which is controlled by the Mr. Rosenthal, has converted its loan into common shares of the Company.
The Company entered into a loan with ASPS on September 7, 2012 for the principal sum of $50,000, with an interest rate of 3%. ASPS has elected to convert the loan plus interest to date ($52,153.49) to Two Hundred-thousand, Five Hundred-ninety (200,590) common shares based on the previous days close ( Friday, January 31, 2014) of $0.26 per share. After completion of the transaction, Mr. Rosenthal, through ASPS, will hold 8,300,590 shares of common stock, which represents [13.23%] of the Company's issued capital.
Mr. Rosenthal commented, "While the Company is in a position to repay this obligation in cash, ASPS has elected to swap its debt to equity in a show of faith in NAMG's assets and its future. Coupled with recent debt payments to East West Petroleum, the Company has strengthened its balance sheet." Furthermore, ASPS has agreed to a further 'lock up' agreement with the Company stating that it will not sell any of its shares in 2014.
About North American Oil and Gas Corporation (OTCBB - NAMG)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.