AUSTIN, Texas, Nov. 19, 2008 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEN), announces that it has drilled the third well of a six well package on leases located in Washington County, Oklahoma. The well drilled into the Bartlesville formation at a depth of approximately 1,325 feet. Logs indicate shows of both oil and gas in the upper Bartlesville, Mulkey and Wayside formations.
The Company anticipates completing the well after its consultants have determined whether to complete one or multiple zones.
"We continue to see multiple completion possibilities that enhance our original business plan of drilling only for coal bed methane formations," stated Ross Silvey, President of NAEN.
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.