Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Still here
Hope so....they just need to give us a bone and we r off
Thanks for the update, getting hammered again today...cant wait for the selling to stop
Lots of volume here today...and its only half the day, 3.7m
This stock is funny, not for the weak trader...these swings can give someone a heart attack
Thanks for the update.
Agreed. But I don't think we will see anything before the articles of in coporation get amended at the end of the Month. There is got to be something in the works here. All this share selling is gotta be for something......I hope. Hope we get an update at the end of the Month.
I like where it say NAMG likes to set up two drilling locations, heck give a 100 million shares for that. If you find oil, your golden.
Oil firm floundering amid depressed price environment
By Elijah Brumback / Friday, May 22nd, 2015 / No Comments
Share Print Email
North American Oil & Gas Corp., a small-time oil and gas company based in Ventura, is barely staying afloat.
Since the company’s formation in 2010, NAMG hasn’t produced any revenue and sold it’s only drilled well to a Colorado-based company for a 0.5 percent royalty of any commercial production.
However, according to the company’s recent quarterly securities filings, NAMG has insufficient funds for operations and is surviving on the proceeds from various convertible notes and equity issuances to “maintain itself as a viable entity and meets its general and administrative operations through Dec. 31, 2015.” Currently, the company only has enough cash to make it through May.
The Business Times previously reported the company was on the rocks in November of last year and had been relying mainly on borrowings, sales of its common stock and advances from a related party for the last two years. Since then the company’s debt has increased from $2.7 million to about $3.3 million.
The company maintains that it is in the early stages of exploration, but that capital raising through investors and or farm-out and asset sale agreements will be required to move forward on capital projects.
NAMG owns lease interests located in the Southern San Joaquin Basin covering its three prospects. On the Tejon Ranch Main lease, the company holds 290 gross acres and 270 net acres; on the Tejon Ranch Extension lease, the company holds 629 gross acres and 346 net acres; and on the White Wolf leases, the company holds 1,169 gross acres and 741 net acres. The majority of these leaseholds are held for primary terms of five years. The current leaseholds are set to expire over various periods from now until Feb. 26, 2018 if no additional lease terms are negotiated or extended.
According to NAMG’s securities filings, the company wants to set up two drilling operations, one in the Tejon Ranch main oilfield and another in the Tejon Ranch extension. The estimated cost to do so is about $3.5 million. The company is looking for outside funding through loans, partner agreements and all other capital sources at their disposal, but due the the dramatic drop in oil prices financing from any source is uncertain.
At current prices, secondary and tertiary recovery, or the recovery accomplished by injecting chemicals, gas or water into a reservoir to replace produced fluids, and thus maintain or increase the reservoir pressure, is financially more challenging and has impacted the company’s operations and ability to fund its exploration activities in California, the company said.
Since last August the company’s shares, which trade as a penny stock on the OTC Market, have dropped more 90 percent.
- See more at: http://www.pacbiztimes.com/2015/05/22/oil-firm-floundering-amid-depressed-price-environment/#.dpuf
Should be an interesting few weeks here. Increase in a/s hopefully is in exchange for some drilling services
Nice Form 4's filed. Some nice loading by management at 0.004 range.
WAG 07/18/2015 12:25:10 PM.
Thin all the way up to a penny, some support at 65 and 67.
Q1 delayed, looking forward to reading it and see what the company has been up to
Still holding, waiting longer to see what they are gonna do.
I want to see Q1 2015.
Great day, crappy close.
Looks like not a lot of shares available, moving up nice on low volume.
A progress report, or an update on that potential financing mentioned earlier in the year and this is off, looks like we have finally bottomed out.
Without hearing from the company, we have no clue of what's going on unfortunately....it's a complete lotto play.
Only one man knows what's going on, and that's the CEO. If we are going to make, this will bounce huge. If not, we have bottomed out and we just hang around here for a bit.
Time will tell. I'm here for the long term, bought at the bottom, so I will just wait it out.
Hopefully we can see some filings too...Need an update
Anyone been able to get a hold of the company? I keep getting a voice mailbox .... no answers, no emails.
Love how the bid and ask moved huge on 10k of shares. Looking good here...
NAMG, moves on air...
No surprises, but even if I get 10 cents back through a settlement, its better than management keeping it. I have seen smaller companies pay out for less aggressive schemes.
Now can we get a class action suit going?
Not only the pumped the sales back in november, but now they are saying there data was false....
This is class action material, seriously
Waiting for the company to light the flame, come on filings...
Agreed, time for updates, and filings, I have called and emailed the company. Waiting for a reply.
Just a matter of time. This thing will take bit longer. Great volume in the last two months, over 27 million since march. Something is brewing.
Nice Volume today, Nice Green Close....
Agreed. Just gonna take some time to get noticed. An update and we r off to the races
Yes was hoping for the end of the day today, but nothing so far.
Nice volume, nice rise today, so not complaining
Probably tomorrow, people are gonna see todays spike after close, and alerts and charts will be screaming, so we will see new wave tomorrow. We are still trading peanuts here, exposure is not that big, it will be nice when we see all eyes on us
I agree with you, 0.005, then 0.0066-0.0068, then should be 0.01, then break out.
I don't think we will see annual report early today, as I am sure they will post it California time. Late day or even end of day, that is assuming they stick to the filing of no later than april 15.
Doesn't make much sense, does it?
I think we hit 0.0066 last week or the week before, so 0.005 shouldn't be a prob. Should move smoothly now, just need buyers. I have a feeling people are just watching on the side lines, but once it starts to move, they may kick them selves a bit. But who knows I could be wrong.
Hoping the quarterly due out tomorrow, gives us some more insight too
Hotter than a teapot!!!
I was ready last month. This thing is primed.
Some serious volume today...where is everyone?
Certainly looking good..
a couple more hits and we get green close
They own the land...they just need to put the 2 million private placement money to good use.