North American Oil and Gas Provides Update on California Operations (NAMG)
VENTURA, Calif. -- February 22, 2013
After drilling the Pass Exploration well, on budget, to a total depth of 7,550
feet to test the Tejon Extension prospect, a total of four zones were tested.
A small amount of light oil was recovered in one test at depths between
7,120-7,180. North American Oil and Gas Corporation (NAMG), the project
operator, has released the rig, pending more detailed petrophysical and
geological studies. Additional testing of a shallow zone is anticipated at a
later date. NAMG holds a 75% participation interest. East West Petroleum,
through its 100%-owned U.S. subsidiary Avere Energy Corp., holds a 25%
participation interest in the Tejon Extension prospect.
The Company also announced that ongoing leasing activities in the southern
sector of the San Joaquin Basin with EWP has now built the Company’s total
acreage position to more than 8000 gross acres. The majority of the new
acreage additions have been acquired in an emerging new play area named the
Project Lani, where NAMG holds a 50% participation interest.
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
fax: +1 805-643-0211
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