Tejon Ranch Main Footwall
North American Oil & Gas Corporation (the "Company" or "NAMG") is pleased to
provide the following update.
High Impact exploration play with estimated gross resource potential of
VENTURA, Calif., Aug. 12, 2013
VENTURA, Calif., Aug. 12, 2013 /PRNewswire/ -- NAMG has reached agreement to
acquire an additional 18.75% working interest and operatorship in the Tejon
Ranch Main Footwall Project ("Tejon Main"). The Company is acquiring the
additional interest for cash consideration of $140,000 from existing joint
venture partner Solimar Energy LLC. NAMG's interest in the project will go to
Bob Rosenthal, President & CEO commented, "The additional interest coupled
with operatorship for a very modest cash outlay increases the company's
leverage to a highly prospective project with significant resource potential
of +50mmboe. This project represents one of the larger conventional
exploration plays to be drilled in the basin and has a similar structural
setting to Occidental Petroleum's Z-11 discovery. The deeper plays in the
basin remain grossly underexplored and hence NAMG is excited to be testing one
of these impactful exploration opportunities. This project helps balance
NAMOG's portfolio, as the company has several smaller lower risk targets that
are part of the planned drilling activity."
Project Summary – Tejon Area
The Tejon Main project is located about 20 miles south of Bakersfield,
California, in the southernmost part of the San Joaquin Valley. Tejon Main
comprises of 2,600 net acres and is positioned between the North Tejon Field
which produced 60 million barrels of oil equivalent ("mmboe") and the Tejon
Field which produced 40 mmboe. Importantly NAMG is exploring for hydrocarbons
in a proven hydrocarbon province and targeting the same productive sands
(Veddar and JV) that are currently producing in the North Tejon and Tejon
The area is a highly prospectivehydrocarbon province demonstrated by the
presence of the Tejon and Tejon North fields in the immediate area.
Furthermore, other oil companies are present, actively pursuing field
development utilizing vertical and horizontal wells. An extensive
infrastructure network and end user markets located nearby, (e.g. Los Angeles
refinery market 60 miles south and the Kern Oil Refinery 30 miles north),
augurs well for commercializing any discovery..
Tejon Ranch Main Footwall
The project is located on the Tejon platform on the southern margin of the San
Joaquin Basin, between two substantial producing oil and gas fields, North
Tejon and Tejon (over 100mmboe recoverable). NAMAG has identified 8 prospects
targeting multiple reservoirs, namely the Vedder, Olcese, Eocene, and JV
Sands. The reservoirs range in depths from 7,500 feet to 13,000 feet and the
prospects are targeting gross unrisked potential P50/P10 of 22.8/73.8mmboe.
NAMG is planning a well mid 2014 targeting a footwall trap adjacent to oil
production and up dip from oil shows. It is a deep (+10,000 feet) prospect
targeting light oil (32-35º API) and the primary objectives are the Veddar and
Eocene sands. The well is targeting 15 - 50mmboe gross potential based on
NAMG estimates and has geological similarities to the large 175 - 250 mmboe
Occidental Petroleum discovery made in 2009, which is also a San Joaquin Basin
^1 ^1Occidental Petroleum Corporation news release dated July 22, 2009
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.
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.
SOURCE North American Oil and Gas Corporation
Contact: Robert (Bob) Rosenthal, Chairman, President and CEO, telephone: +1
805 643 0385, fax: +1 805 643 0211, Website: www.namoag.com
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