Dallas, Texas 10/17/2013 (Financialstrend) – North American Oil & Gas Corp (OTCBB:NAMG) announced on September 24 that it is in receipt of analysis and reports from 3D surveys that it had commissioned earlier this year. The areas surveyed covered a total of 3,429 gross acres located in Tejon Area. As part of 3D survey a exhaustive mapping of the survey area was conducted. Based on the survey findings a volumetric analysis of previously identified 14 prospects was also competed. This additional testing has helped the oil exploration company to further refine the technical risk involved in initiating testing drills.
Based on the findings of the survey, the exploration stage oil firm has stacked ranked the prospects based on their potential. The top five prospects are “Eocene, Vedder, Jv, Olcese, Reserve and Transition Zone.” One of the key reasons these five prospects have been identified for further testing is because these are lying adjacent to currently productive oil reservoirs are at Tejon and Wheeler Ridge fields. These two fields have together yielded more than 175 million barrels of oil and gas over the past few years. The 3D survey has also yielded exact location of oil traps that were previously undetected in earlier exploratory drills.
North American Oil and Gas shares were trading at $0.995 per share when trading began on October 16. This represents a 2.5% increase in its value from its previous close price. At these valuations, the stock is trading close to 299% above its 52 week low pricing. The stock has a market capitalization of $60.9 million with total outstanding shares of 60.32 million. The oil and gas company has managed to stay ahead of Dow Jones and the oil and gas index. The stock has attracted a lot of investor interest with close to 158 K shares of the stock changing hands during the first half of trading day.