AUSTIN, Texas, July 27, 2009 (GLOBE NEWSWIRE) -- North American Energy Resources, Inc. (OTCBB:NAEY) announced today that it has entered into a letter of intent to acquire 120 mineral acres in Washington County, Oklahoma. Currently there are 6 wells drilled on the property, 4 of which are currently shut in, but produce natural gas from the Mulkey Formation.
"The acquisition of this lease should allow NAEY to drill eight additional gas wells and recomplete two existing wells. With natural gas prices expected to rise above $5.00 per mcf by the end of the year, we believe this is an attractive lease within our area of interest," 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.