BusinessWire, Wednesday, December 17, 1997 at 16:36
SEATTLE--(BUSINESS WIRE)--Dec. 17, 1997--North American
Exploration Corp.'s (OTC/BB:NAMX) December 1997 Six Well (Well
Numbers NX97334A through F) Drilling Program on its exclusive
western Nebraska lease was completed Wednesday.
The results are five successful tests to the Niobrara Formation
and one successful test to the Niobrara Formation and the D Sands
for a total of six successful gas wells. Casing has been set on all
six wells, and completion will begin in January 1998 for hookup to
the K/N Energy gas pipeline.
The company estimates a minimum of 23 billion cubic feet of
natural gas in the structure's reservoir. Drilling logs from the
six wells will be sent immediately to H.J. Gruy & Associates,
Houston, for an independent reservoir analysis. The results will
be announced upon completion of the report in late January 1998.
To date, nine natural gas wells have been drilled on the
structure, three have been completed and are awaiting connection to
the KN Energy Inc. pipeline.
"With this successful activity, NAMX has taken a quantum leap
toward validating its EM Sounder technology," stated Michael E.
Stamm, chairman and CEO of NAMX.
A minimum of 23 drilling sites have been located on the
company's exclusive lease. To date, nine have been drilled, and
14 more will commence drilling on or before Feb. 27, 1998.
North American Exploration is a remote sensing technology
company with interest in oil and gas exploration and production. It
is the exclusive licensee of EM Sounder (GPR) in North America.
NAMX anticipates becoming a full (12g) reporting company during
the first quarter of 1998.
This news release, other than historical information, consists
of forward-looking statements that involve risks and uncertainties,
including planned construction and drilling activity, expected
production efforts, volumes, budgeted capital expenditures and other
risks and uncertainties. Actual results may vary materially. |
