North American Oil and Gas Corp. (OTCBB: NAMG) has provided an update on its California operations.
The Pass Exploration well was drilled on budget to a total depth of 7,550 feet. The well tested the Tejon Extension prospect in a total of four zones. A small amount of light oil was recovered in one test at depths between 7,120 feet and 7,180 feet.
North American Oil and Gas, the project operator, has released the rig, pending more detailed petrophysical and geological studies. Additional testing of a shallow zone is anticipated at a later date.
North American Oil and Gas holds a 75% participation interest. East West Petroleum Corp. (OTC: EWPMF), through its wholly owned US subsidiary Avere Energy Corp., holds a 25% participation interest in the Tejon Extension prospect.
According to the release, ongoing leasing activities in the southern sector of the San Joaquin Basin with East West Petroleum has now built the company’s total acreage position to more than 8,000 gross acres. The majority of the new acreage additions have been acquired in an emerging new play area named the Project Lani, where North American Oil and Gas holds a 50% participation interest.
North American Oil and Gas Corp. is an oil and gas company based in Ventura, Calif.