North American Oil and Gas Corporation portfolio built up to over [8,000] gross acres in the San Joa
North American Oil and Gas Corporation portfolio built up to over [8,000] gross acres in the San Joaquin Basin
VENTURA, Calif.--(BUSINESS WIRE)-- North American Oil and Gas Corporation (the "Company" or "NAMG") is pleased to announce the following update regarding its acreage position in the San Joaquin Basin of California, USA.
NAMG has built a portfolio in excess of 8,000 gross acres in the southern San Joaquin Basin. This is almost double the acreage since the merger with Calendar Dragon in late November 2012. The majority of the new acreage additions have been acquired in the Project Lani area, which is located in the southern San Joaquin Basin.
|1. Tejon Extension||75.00%||Yes||East West Petroleum||546||346|
|2. Tejon Footwall||21.25%||Yes/No2||East West Petroleum; and Solimar||2,874||2,600|
|3. Project Lani||50.00%||Yes||East West Petroleum||4,823||2,098|
Bob Rosenthal, President & CEO commented, "We are pleased with the significant acreage position accumulated to date. More importantly the doubling of the company's acreage since listing has been achieved in such a short period of time without excessive cost to the company."
California - World Class Oil & Gas Basin
The San Joaquin Basin is being targeted due to the emergence of unconventional hydrocarbon plays in this prolific basin, plus significant conventional oil and gas reserves which continue to be discovered. In 2009, Occidental Petroleum Corporation made an estimated 150-250 mmboe discovery in the San Joaquin Basin, the largest discovery in California in 35 years1. As of end 2010, California ranked (excluding GOM offshore) #3 in the US in both oil production and also in proved oil reserves, according to the EIA. California is home to some of the nation's largest oil fields by EUR, and 3 of the top 10.
2 Solimar is Operator of the Tejon Main Area, except for depths above 7,428 feet, wherein Lani assumes all rights and duties of Operator.
Source of Production data: DOGGR
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.
North American Oil and Gas Corporation
Robert (Bob) Rosenthal, +1-805-643-0385
Chairman, President and CEO
KEYWORDS: United States North America California
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