AUSTIN, Texas, June 23, 2009 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEY) reports that, in its initial recompletion of a well in Washington County, Oklahoma, its initial production was at a rate of 24 barrels of oil per day. However, the company fully expects production to fall and begin producing at a sustainable rate of 3-5 BOPD which is in line with the other wells on the Steeler Lease.
Recompletion costs were less than $10,000 and, at current oil prices, the well will pay for itself in less than 90 days.
"We are optimistic about our first recompletion effort. If we can fully implement our business strategy, we have over 400 wells that can be re-entered within a two mile radius of our pipeline. This could represent significant cash flow to our company with little financial risk," stated Ross Silvey, President.
Forward-Looking Statements in this news release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This material is information only, and is not an offer or solicitation to buy or sell the securities.