VENTURA, Calif., March 28, 2014 /PRNewswire/ -- North American Oil & Gas Corp. (the "Company" or "NAMG") is pleased to announce that the Company has entered into a $5,000,000 investment agreement with Beaufort Ventures PLC ("Beaufort").
The investment allows, but does not obligate, the Company to issue and sell up to $5,000,000 worth of the Company's common stock over a 36-month term following the effectiveness of a registration statement the Company has agreed to file with the Securities and Exchange Commission. The Company has filed an 8-K with the Securities and Exchange Commission further detailing the transaction. This transaction is not an Equity Line of Credit.
"This equity investment provides NAMG with the capital to execute on its business plan of drilling wells, acquiring new acreage and pursuing new play concepts aggressively," stated Robert Rosenthal, President and CEO of NAMG. "Beaufort's support and investment allows maximum flexibility for NAMG to allocate its capital effectively and pursue its business objectives."
About North American Oil & Gas Corp. (OTCBB - NAMG)North American Oil & Gas Corp. 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 March 28, 2014, NAMG owned interests in approximately 8,243 gross acres (5,159 net acres) in the southern San Joaquin Basin. 1) White Wolf 4,823 gross (2,266 net) acres; 2) Tejon Main 2,874 gross (2,586 net) acres; and 3) Tejon Extension 546 gross (307 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.