Dallas, Texas 09/30/2013 (Financialstrend) - North American Oil and Gas Corporation (OTCBB:NAMG) is considered a development-stage oil and gas company. It has properties in San Joaquin Basin of California which it is trying to develop through its subsidiary Lani.
September 24 NAMG released the findings of 3D survey it had conducted over 3,429 gross acres (2,946 net acres) which are located in Tejon Area. The company announced that it has completed “mapping and volumetric analysis” of 14 predefined prospects as part of these 3D surveys.
NAMG had identified 5 key target horizons named “Eocene, Vedder, Olcese, Reserve and Transition Zone” to be specifically covered by the 3D survey. These blocks are adjacent to oil producing fields like Tejon, North Tejon and Wheeler Ridge fields. The 3D survey has helped the firm identify solid oil traps which were previous untested.
Post the announcement of this 3D survey the share price of the company went up by close to 28% to hit the week high pricing of $1.48 per share. The stock was trading at $1.24 per share as of close of business on September 27 down 5.3% from its previous day close. The company has a market capitalization of $74 million with 60 odd million shares outstanding. The share price reflects an 11% dip from its 52 week high valuation and a close to 500% increase in value from its 52 week low price. The stock also drew undue investor attention on September 27. Close to 821989 shares of NAMG got traded across the counter that day. In comparison its daily average trading volume is 314,638. The share price has appreciated by 33% in the past 90 days and by 62% in the past 180 days.
The company has managed to fund these operations by selling shares worth $225,000 to an institutional investor “Springhouse Investments Corp”.