American Energy Production, Inc. Announces Major Oil and Gas Discovery by Subsidiary in the Barnett Shale Formation
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Energy Editors / Business Editors MINERAL WELLS, Texas--(BUSINESS WIRE)--AMEP-- American Energy Production, Inc. Expects Youngblood #1 Well to Begin Production in Next Few Weeks American Energy Production, Inc. (OTCBB:AMEP) announced today its wholly owned subsidiary Bend Arch Petroleum Inc. completed a well located on its 12 well Palo Pinto Project in the Barnett Shale Foundation. Total cumulative gross production to date is over 1400 barrels of oil and over 2,000,000 cubic feet of natural gas for the Company. Charles Bitters, President of AMEP stated, "It is very unusual for a Barnett Shale well to produce this volume of oil. Normally these wells produce mostly dry natural gas. With the price of oil and natural gas at today's market prices this well has the potential gross sales of over $5,000.00 per day." Bend Arch Petroleum Inc. also completed a Barnett Shale well in Parker County, Texas, and the Company believes this well, the Youngblood #1, will produce oil and natural gas in sizable commercial quantities. The well has 1200-lbs/sq. inch shut in pressure and only needs a pipeline connection to begin production. More details will be announced in the next few weeks as to the status of the Youngblood #1 well when production begins. To date, Bend Arch Petroleum Inc. has accumulated over 7,000 acres of leases that have significant potential Barnett Shale oil and gas production. The company believes this is the time
posted
I've been in this for a few months. It takes a couple of months to book income according the RB oil man drillbit. This one could really fly with this additive of theirs but may have to be patient. Oil and Gas prices will stay relatively high in the near future due to geopolitical tensions, demand from asian countries etc.
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I just spotted it on the news today and did a quick trade, the technology looks intrestin.... fracturing the shale under hydraulic pressure to release the oil locked in sounds like it makes sense...have you heard of others using the technique or are we looking at a brand new technology being tested here? i agree that oil (and natural gas) is not likely to go back down much. it's not just terrorism...we have been getting it cheap for quite awhile now....the economy will factor it in.... hopefully sooner rather than later
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quote:Originally posted by glassman: I just spotted it on the news today and did a quick trade, the technology looks intrestin.... fracturing the shale under hydraulic pressure to release the oil locked in sounds like it makes sense...have you heard of others using the technique or are we looking at a brand new technology being tested here? i agree that oil (and natural gas) is not likely to go back down much. it's not just terrorism...we have been getting it cheap for quite awhile now....the economy will factor it in.... hopefully sooner rather than later
Apparently Nature's Path (Co. with the rights to the H-800 additive) is a very low key and under the radar type of co. but they gave (or sold) the exclusive rights for Amep to use or distribute this additive in 5 states (southwestern I believe). There are other co.s out there with additives but this one has produced some very good results so far. It is still in somewhat of a trial basis so could take some time to iron out the "kinks". The Ceo is a hands on type of guy but could use a good front end person to run the business end. He is not a Mba grad. but knows the oil business inside and out. This latest news should really benefit the bottom line however. GL
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i guess we should be rooting for success here then... not just for this company and their wells, but for this system cuz this could be good for american oil.....
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aye, aye cap'n.... still gettin my seabag unpacked here and just can't can't seem to get the PM schedule straight-- seems like the whole market is sailing straight into the wind, looking for the fair winds and following seas to come about in.....
looks like you are still on the mid-watch dog...
the counselor is enjoying some R&R in the Med. LOL
[This message has been edited by glassman (edited July 28, 2004).]
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Problem with Amep is no follow trough on a great PR and this could eventually move up big time in a very short period leaving a lot of coulda woulda shoulda investors on the sidelines. Still a spec play having a lot of CDs here tho.
[This message has been edited by man4apenny (edited July 29, 2004).]
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I dunno about this one. they eked out $29,000 last year, yet accumulated nearly 5M in debt. obviously it's a growth play, and it's interesting - but, i'll stay on the sidelines on this one, at least for now. looks like a good one to daytrade though.
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yeah, i'm not seeing much at all to buy and hold.... hopefully the end of DNC will bring the markets back..... we still face a lot of uncertainty, i think people in general need to stop letting their fears rule their decision making processes and start looking for the good in things... being prepared is the best we can do--- we are improving that every day... letting our fears run wild is self-fulfilling prophecy. things won't get better until we MAKE them better... ALL OF US
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