VENTURA, Calif., Jan. 30, 2014 /PRNewswire/ -- The North American Oil & Gas Corp. ("Company") has received many inquiries from shareholders regarding the stock positions of the officers and directors of the Company, and would like to take this opportunity to clarify their holdings. While up to date information is available on the Securities and Exchange Commission's website, the information set forth below addresses the holdings of three of the Company's largest shareholders (the "Affiliated Holders"), including two members of the Company's board of directors.
As of December 1, 2013 a total of 24,300,000 shares of the Company's common stock are held equally between the three Affiliated Holders. To date, two of the three Affiliated Holders have declared their intention to sell a total of less than 5.0% of the total amount held by the Affiliated Holders. The two shareholders concerned have agreed with the Company to sell no more than 10,000 shares per day subject to market conditions.
The third Affiliated Holder, ASPS Energy Investments Ltd, which is controlled by the Company's CEO Robert Rosenthal, has not sold any shares in the Company and Mr. Rosenthal has stated publically that he has no plans to sell any such stock in 2014. In addition, Mr. Rosenthal, along with both of the other Affiliated Holders have signed a further 'lock-up' agreement with the Company stating that no further shares will be sold in 2014 by the three Affiliated Holders.
In addition, Mr. Rosenthal states that "the Company is aggressively working towards its drilling and testing program for 2014, and expects to achieve significant progress towards our goals."
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.
SOURCE North American Oil and Gas Corporation