North American Oil and Gas Corporation portfolio built up to over [8,000]
gross acres in the San Joaquin Basin
VENTURA, Calif. -- February 19, 2013
North American Oil and Gas Corporation (the “Company” or “NAMG”) is pleased to
announce the following update regarding its acreage position in the San
Joaquin Basin of California, USA.
NAMG has built a portfolio in excess of 8,000 gross acres in the southern San
Joaquin Basin. This is almost double the acreage since the merger with
Calendar Dragon in late November 2012. The majority of the new acreage
additions have been acquired in the Project Lani area, which is located in the
southern San Joaquin Basin.
Project Name Working Operator JV Partners Acres
Interest Gross Net
1. Tejon 75.00% Yes East West Petroleum 546 346
2. Tejon Footwall 21.25% Yes/No^2 East West Petroleum; 2,874 2,600
3. Project Lani 50.00% Yes East West Petroleum 4,823 2,098
TOTAL 8,243 5,044
Bob Rosenthal, President & CEO commented, “We are pleased with the significant
acreage position accumulated to date. More importantly the doubling of the
company’s acreage since listing has been achieved in such a short period of
time without excessive cost to the company.”
California – World Class Oil & Gas Basin
The San Joaquin Basin is being targeted due to the emergence of unconventional
hydrocarbon plays in this prolific basin, plus significant conventional oil
and gas reserves which continue to be discovered. In 2009, Occidental
Petroleum Corporation made an estimated 150-250 mmboe discovery in the San
Joaquin Basin, the largest discovery in California in 35 years^1. As of end
2010, California ranked (excluding GOM offshore) #3 in the US in both oil
production and also in proved oil reserves, according to the EIA. California
is home to some of the nation’s largest oil fields by EUR, and 3 of the top
^2 Solimar is Operator of the Tejon Main Area, except for depths above 7,428
feet, wherein Lani assumes all rights and duties of Operator.
Source of Production data: DOGGR
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.
This list is not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully and
readers should not place undue reliance on such forward-looking information.
The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise.
North American Oil and Gas Corporation
Robert (Bob) Rosenthal, +1-805-643-0385
Chairman, President and CEO
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