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To: Tony C. who wrote (2775)	11/25/1997 11:18:00 PM
From: Gary Lutz	Read Replies (1) \| Respond to of 8835

Tony read the tape on NETZ before the close,stay out of LBGF,MHO

To: Tony C. who wrote (2775)	11/25/1997 11:52:00 PM
From: Ga Bard	Respond to of 8835

DITTO!!!! Tony ... eom GB

To: Tony C. who wrote (2775)	11/26/1997 9:52:00 AM
From: timemizer	Respond to of 8835

NAMX...News out. At $.095 Going to $1 Tuesday November 25, 6:11 pm Eastern Time Company Press Release North American Exploration Completes Test of 3rd Neb. Gas Well SEATTLE--(BUSINESS WIRE)--Nov. 25, 1997--North American Exploration Corp. (OTCBB:NAMX - news) Tuesday completed natural gas flow tests on the third well drilled on its exclusive 25,000 acre lease in Deuel County, NE. Well No. NX97323A: a Niobrara Formation test drilled to depth of 2,800-ft. flowed after a six day test at 208MSCF at 420psi through a 28/64-inch choke. This well is 40 ft. down dip on the structure and helps to determine the size of the reservoir. The gas analysis showed 86.85 percent methane with minor water production. On Dec. 1, 1997 the company will commence the drilling of 2 wells to the D Sands, 2 wells to the D Sands and Niobrara Formation and 2 wells to the Niobrara Formation for a total of six wells. The company has located a minimum of 23 drilling sites. Development drilling on the lease is expected to continue throughout 1998. NAMX executed a Gas Purchase Agreement/Confirmation Order with K/N Energy, Lakewood, CO for the life of the lease. The three wells recently flow tested will be connected to the K/N pipeline on/or about Dec. 1, 1997 as will each additional development well upon completion. The gathering system for the lease is being constructed by K/N Gas Gathering Inc. North American Exploration Corp. is the exclusive license holder of EM Sounder technology (the electromagnetic analog to 3D Seismic) in North America. This news release, other than historical financial 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. ------------------------------------------------------------------------ Contact: North American Exploration Corp., Seattle 206/326-5468 Fax: 206/326-5469 or Corporate Communications 800/600-8599Tuesday November 25, 6:11 pm Eastern Time