August 12, 2009 (FinancialWire) — North American Energy Resources, Inc. (OTCBB: NAEY) has completed the acquisition of 37 oil and gas producing mineral acres in Washington County, Oklahoma, for which it had entered into a letter of intent last month.

The company issued 175,000 shares of its common stock for the acquisition. Currently, there are three oil-producing wells producing from two separate zones and one producing gas well.

“Based on the current wells’ production, we believe there are still significant reserves of oil in what was once thought to be only coal bed methane gas areas,” stated Ross Silvey, president of North American Energy Resources, Inc. “Over the next few months, we will be working to quantify the total oil reserves.”

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