SOURCE: North American Oil and Gas Corp.
VENTURA, CA--(Marketwire - Dec 5, 2012) - North American Oil and Gas Corporation (OTCBB: CLDDD) (the "Company" or "NAMG") is pleased announce the spudding of the Pass Exploration 77-20 exploration well at the Company's Tejon Extension prospect in the San Joaquin Basin of California, USA.
The well, being drilled by the Key # 48 rig, will test a prospective oil area between the Tejon and Tejon North Fields, approximately 30 miles south west of Bakersfield, California. The primary objective of the well is the Olcese sand reservoirs, which are productive in the vicinity of the prospect. The well is expected to take approximately 12 days to reach a total depth of 7500 ft.
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., controls the remaining 25% interest.
Bob Rosenthal, President & CEO, commented, "We are very pleased to announce the spudding of the Company's first exploration well in California. The well is the first of two planned exploration wells which will test the hydrocarbon potential of this prolific area of the San Joaquin Basin."
About North American Oil and Gas Corporation (OTCBB: CLDDD)
North American Oil and Gas Corporation ("NAMG") is a publicly listed (OTCBB: CLDDD) 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.