North American Energy Resources has entered into a letter of intent to acquire 37 mineral acres in Washington County, Oklahoma. Currently there are 4 wells drilled on the property, 2 of which produce oil from two separate zones.
"The acquisition of this lease should allow NAEY to drill two additional wells and recomplete two existing wells," stated Ross Silvey, President of North American Energy Resources, Inc. "We believe this property, and the surrounding area, still have sizeable commercial oil reserves in our area of interest," he added.
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