North American Petroleum provides an update on its activities in the producing Mississippi Lime formation in Oklahoma, in line with its strategy to build net production and reserves by acquiring and developing a portfolio of leases in liquids rich hydrocarbon plays in onshore US.

North American’s Managing Director Stefan Olivier said, “We have made a good start towards meeting our 12 month target of having interests in 25 producing wells in proven onshore US formations. Rapidly building net production is a key plank of our strategy as it allows revenues generated to be reinvested into drilling new wells and can also go towards funding the acquisition of additional leases. Since our IPO in March, we have acquired 416 net acres in the Mississippi Lime holding a possible 207 well locations. The four wells listed today are among the first we will be participating in and, subject to the results, will help prove up the reserves on our existing acreage, as we look to deliver on our objective to create significant value for our shareholders.”

Tags: North American Petroleum