AUSTIN, Texas, July 7, 2009 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEY) announced today that the company has acquired the Wiser Lease in Washington County Oklahoma in exchange for restricted common stock. The lease has ten existing oil and gas wells, including the Blackstone well with its recent oil discovery in the Dewey sand.
North American Energy Resource's consulting engineer estimates recompletion costs of $8,000 per well with potential recovery of 100,000 barrels of oil based upon recoverable reserves of 2,000 barrels per acre. In addition, the Wiser lease is adjacent to the Company's majority owned Apwash pipeline system so that all gas production has a readily available market.
"This is a wonderful acquisition for our company, and it fits perfectly into our established business model of recompleting wells at a lower cost. Due to this lease's strategic location near our pipeline and its potential production, we believe this property will be a steady contributor to our ongoing success," stated Ross Silvey, President of North American Energy Resources, Inc.
About North American Energy Resources, Inc.
North American Energy Resources, Inc. ("NAEY") is an oil and gas exploration company which focuses on properties in Northern Oklahoma. Its wells produce both oil and/or natural gas, with gas production coming primarily from the mulky coal seam.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.