AUSTIN, Texas, July 28, 2009 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEY) announced today that it has entered into a letter of intent to acquire 480 mineral acres in Washington County, Oklahoma. The leases include 14 existing oil producing wells. At current oil prices, the acquisition would provide NAEY enough positive cash flow to drill additional wells. Historically, Wayside wells initially flow 3-5 BOPD.
"The acquisition of these leases would be a major step in bringing NAEY to profitability. Aggregate stripper wells can be economically managed to produce profits," stated Ross Silvey, President of North American Energy Resources, Inc.
About North American Energy Resources, Inc.
North American Energy Resources, Inc. is an oil and gas development company focused on building a diversified portfolio of valuable oil and gas assets in the United States. The company's primary goal is to identify, acquire and develop natural gas and oil properties that are relatively close to NAEY's Apwash pipeline in Washington County, Oklahoma. For more information, visit our website www.naeyinc.com.
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.