North American Oil and Gas provides update on California operations

After drilling the Pass Exploration well, on budget, to a total depth of 7,550 feet to test the Tejon Extension prospect, a total of four zones were tested. A small amount of light oil was recovered in one test at depths between 7,120-7,180. North American Oil and Gas Corporation (NAMG), the project operator, has released the rig, pending more detailed petrophysical and geological studies. Additional testing of a shallow zone is anticipated at a later date. NAMG holds a 75% participation interest. East West Petroleum, through its 100%-owned U.S. subsidiary Avere Energy Corp., holds a 25% participation interest in the Tejon Extension prospect.

The Company also announced that ongoing leasing activities in the southern sector of the San Joaquin Basin with EWP has now built the Company's total acreage position to more than 8000 gross acres. The majority of the new acreage additions have been acquired in an emerging new play area named the Project Lani, where NAMG holds a 50% participation interest.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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