Las Vegas, NV -- (SBWIRE) -- 08/20/2013 -- North American Oil & Gas Corp (OTCBB:NAMG) reached agreement to acquire an additional 18.75% working interest and operatorship in the Tejon Ranch Main Footwall Project.
North American Oil & Gas Corp would be acquiring the additional interest for cash consideration of $140,000 from existing joint venture partner Solimar Energy. The interest in project of the company will go to 40%.
President & CEO of North American Oil & Gas Corp, Bob Rosenthal stated that the additional interest coupled with operatorship for a very modest cash outlay would increase the leverage of the company to a highly prospective project with significant resource potential of +50mmboe. He added that this project represents one of the larger conventional exploration plays that are to be drilled in the basin and has a similar structural setting to Occidental Petroleum's Z-11 discovery. He concluded by saying this project would help balance NAMOG's portfolio, as the company has several smaller lower risk targets that are part of the planned drilling activity.
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