North American Energy Resources has acquired the Wiser Lease in Washington County, Oklahoma in exchange for restricted common stock. The lease has ten existing oil and gas wells, including the Blackstone well with its recent oil discovery in the Dewey sand.
North American Energy Resource's consulting engineer estimates recompletion costs of $8,000 per well with potential recovery of 100,000 barrels of oil based upon recoverable reserves of 2,000 barrels per acre. In addition, the Wiser lease is adjacent to the Company's majority owned Apwash pipeline system so that all gas production has a readily available market.
"This is a wonderful acquisition for our company, and it fits perfectly into our established business model of recompleting wells at a lower cost. Due to this lease's strategic location near our pipeline and its potential production, we believe this property will be a steady contributor to our ongoing success," stated Ross Silvey, President of North American Energy Resources, Inc.
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