North American Oil and Gas Corporation (the "Company" or "NAMG") is pleased to provide the following update. Corporate Update
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