Boston, MA 10/01/2013 (wallstreetpr) – North American Oil & Gas Corp (OTCBB:NAMG) announced that they have completed the 3-D Survey analysis that covers the Tejon region. This will now help the company focus on drilling-sights; estimate the project costs as well as any risks that might arise. Broadly speaking, this is a big leap and that they can now finally start raking in some dollars. Apart from this, the company said that they have located some traps they never knew existed. This simply means that the O&G reserves are more than their expectations.
Mondays trading
In Monday’s trading session, North American Oil & Gas Corp (OTCBB:NAMG) dropped by 13.71%. The company’s shares opened at a price of $1.18, which was also the intraday high and dropped to a close of $1.07. Approximately 0.925 million shares were traded on Monday while an average volume of 0.419 million shares were traded over 30 days. The 52-week low of the shares is $0.25 while the 52-week high is $1.67. The company has a market capitalization of $64.55 million.
About the company
North American Oil & Gas Corp (OTCBB:NAMG) is a development stage company. Via Lani, its subsidiary, it is involved in O&G exploration in California. It focuses on O&G exploring, exploiting and develops operations on various projects situated in California’s San Joaquin Basin, the Tejon Extension prospect, the Tejon Main prospect, and the White Wolf project.
On Nov. 25, 2012, Lani drilled an exploratory well on the Tejon Ranch Extension. In 2012 December, the Company finished drilling on Well 77-20. It also tested 7 zones, and suspended the well on 13 February 2013, to review the data, secure seismic-data over its leaseholds, and determine any possible future-testing zones of that well, in a better manner. As of 30 April 2013, it owned interests in around 4,663 gross acres in the White-Wolf prospect, 2,874 gross acres in the Tejon-Main prospect, and 546 gross acres in the Tejon-Extension prospect.
