North American Oil and Gas (NAMG) Provides San Joaquin Valley Well Testing Update
VENTURA, Calif.--(BUSINESS WIRE)-- North American Oil and Gas Corporation (OTCBB:NAMG) today announced that it has completed initial production testing at its 77-20 well. The well is located in NAMG's Tejon Extension prospect in the San Joaquin Basin of California, USA.
The well was drilled to a total depth of 7,550 feet, a full suite of electric logs were run, and the company and its partner East West Petroleum set 5 1/2 inch casing.
NAMG continues to test zones of interest in the well. The Company has perforated a 60 foot interval in the Olcese sand and had an immediate blow of gas. The well was shut in for pressure build up and swabbing operations commenced the next day. The swabbing results indicated some light oil, a fluid emulsion, and water. NAMG continues to test the well to get measured rates of oil production.
NAMG is targeting known producing sands that are analogous to the nearby Tejon and North Fields that have produced a combined 58 million barrels of oil and 252 billion cubic feet of gas from the primary zones of interest, attesting to the presence of a proven petroleum system1. The Tejon Field has produced some 34 million barrels oil and 19 billion cubic feet of gas, mostly from JV and Olcese sands. The North Tejon Field has produced some 24 million barrels oil and 233 billion cubic feet of gas, mostly from the Vedder and JV sands1. The oil gravity is 32-35o API.
North American Oil and Gas holds a 75% participation interest in the Tejon Extension prospect and will operate the well. Avere Energy Corp., a 100%-owned subsidiary of East West Petroleum Corp., holds the remaining 25% interest.
1 Sproule Report dated November 30, 2012
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.
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Gregory FCA Communications
Michelle Larkin, 610-228-2117
Associate Vice President
North American Oil and Gas Corporation
Bob Rosenthal, 805-643-0385
Chairman, President and CEO
KEYWORDS: United States North America California
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