North American Oil and Gas Corporation (the "Company" or "NAMG") is pleased to
provide the following update.
VENTURA, Calif., Sept. 24, 2013
VENTURA, Calif., Sept. 24, 2013 /PRNewswire/ -- North American Oil and Gas
Corporation (the "Company" or "NAMG") is pleased to announce that it has
completed an exhaustive analysis on the recently acquired 3D survey covering
its 3,429 gross acres (2,946 net acres) Tejon Area totals. The company has
completed mapping and volumetric analysis of the 14 prospects previously
identified, further refining their extent and reducing their associated
technical risk. This work has allowed the company to prioritize its prospect
inventory in terms of geologic risk, resource potential, drilling difficulty
and permitting issues.
The prospects include 5 target horizons: the Eocene, Vedder, Jv, Olcese,
Reserve and Transition Zone. All of these reservoirs are productive at the
adjacent Tejon, North Tejon and Wheeler Ridge fields which have together
produced over 175 million barrels of oil and gas in oil equivalent terms. The
3D survey has enhanced our understanding of the oil habitat at Tejon and North
Tejon fields which were developed without the aid of this data.The new 3D
interpretation clearly shows traps that were untested in the previous drilling
campaigns because they did not have this data to drive their development
programs. Most of NAMG's prospects are up-dip of this old production.
Although our P50/P10 resource estimates have remained the same at 24/81 mmboe,
NAMG believes the technical risk of our prospects has been reduced by our
continued analysis. NAMG has started the permitting of five wells.
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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