AUSTIN, Texas, Aug. 11, 2009 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEY) announced today that it has completed the acquisition of 37 oil and gas producing mineral acres in Washington County, Oklahoma, for which it had entered into a letter of intent last month. The Company issued 175,000 shares of its common stock for the acquisition. Currently, there are three oil-producing wells producing from two separate zones and one producing gas well.
"Based on the current wells' production, we believe there are still significant reserves of oil in what was once thought to be only coal bed methane gas areas," stated Ross Silvey, President of North American Energy Resources, Inc. "Over the next few months, we will be working to quantify the total oil reserves."
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.