AUSTIN, Texas, Nov. 18, 2008 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEN) announced today that the Company completed its initial well in the Upper Bartlesville zone to add to its existing oil reserves. The Company expects to come up the hole and complete a gas zone in the Mulkey, and a wayside oil zone shown in the logs.
"It appears that our first well will be a successful oil producer, and the prospects for producing natural gas from the well are promising. Within 45 days of continuous pumping of the well to reduce the water level, we should reach our expected production levels," stated Ross Silvey, President of NAEN.
About North American Energy Resources, Inc.
Headquartered in Austin, TX, North American Energy Resources, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, and development of oil and natural gas properties with the goal of extracting coal bed methane from coal beds using unconventional methods and new technology as well as drilling for oil and gas using conventional methods and techniques to maximize production possibilities and minimize costs. It operates in the upstream segment of the oil and gas industry and offers drilling, completion, and operation of oil and gas wells in the Western Interior Basin that blankets parts of Iowa, Nebraska, Kansas, Missouri and Oklahoma. The company also has an interest in a pipeline used for gathering gas and gas production of other producers.
For more information, visit www.naerinc.com
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the Company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.