NAMX/UPR Release
Tuesday March 10, 9:32 am Eastern Time
Company Press Release
NAMX Announces Colorado Oil/Gas Exploration Project
SEATTLE--(BUSINESS WIRE)--March 10, 1998--NAMX Energy Inc., a wholly owned subsidiary of North American Exploration Corp. (OTC/BB:NAMX - news), Tuesday announced that they have entered into a non-exclusive oil/gas exploration project covering approximately 4,500 square miles of lands owned or controlled by Union Pacific Resources (NYSE:UPR - news) in portions of Lincoln, Cheyenne, Kit Carson and Kiowa Counties, Colo.
NAMX will utilize its EMS data to select a portion of the exploration area and submit it to UPR for approval as prospect areas and committed lands to determine drilling sites by June 30, 1998. Upon approval by UPR, the committed lands become exclusive to NAMX Energy, subject to the terms and conditions of the exploration agreement.
The exploration program will be conducted in two drilling phases with phase one beginning on Aug. 1, 1998, and phase two beginning Aug. 1, 1999. The minimum depth on all exploration and development wells will be to the Morrow Formation.
Deborah S. Peppers, NAMX president/chief operating officer, said, ''Our experience with EMS technology gives us a decided edge in hydrocarbons exploration and development; we are very pleased to have this opportunity.''
NAMX Energy agreed to drill the exploration wells on the dedicated prospects in the drilling program. UPR will have the option to back in for a proportionate 50 percent interest in each exploration well at the time of completion. UPR has a first call on oil and will purchase the gas.
North American Exploration is a remote sensing technology company with interest in oil and gas exploration and production. It is the exclusive worldwide licensee of EM Sounder (GPR) technology and the parent of NAMX Energy Inc. (a wholly owned subsidiary).
This news release, other than historical financial information, consists of forward-looking statements that involve risks and uncertainties including planned construction, drilling activity, mining activities, expected production efforts, volumes, budgeted capital expenditures and other risks and uncertainties. Actual results may vary materially.
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