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I agree. Date Insider Shares Transaction Value* AMEP 10-Oct-04 BITTERS, CHARLES President 75,000 Purchase at $0.024 per share. $1,800 7-Oct-04 BITTERS, CHARLES President 700,000 Purchase at $0.02 per share. $14,000 5-Oct-04 BITTERS, CHARLES President 1,540,000 Purchase at $0.024 - $0.025 per share. $38,0002 4-Oct-04 BITTERS, CHARLES President 380,000 Purchase at $0.027 per share. $10,260 Financial information. (My note: As you see below, the company profits have been in a strong uptrend for years and this looks like it is going to continue especially with rising gas and oil prices PLUS as shown above, the president of the company is buying shares and THERE WAS NO INSIDER SELLING for all of 2004.) (Values in US Millions) 12/1/03 12/1/02 12/1/01 Gross Operating Profit 0.37 0.00 (1.28)
American Energy Production Inc. reported $921,900 in oil and gas revenues for the first three quarters of 2004. AMEP is very pleased with the production revenues of our investees. The Company anticipates further production increases in the fourth quarter and the first quarter of 2005 because of the acquisition of Oil America Group Inc. and additional production from new and existing wells.
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This was written on another board. The 193 PRI wells are heavy oil that HOA-800 improves to sweet per the press release. However what is far more important to note, is that the remaining leases are producing "sweet" to "distillate", and the distillate brings a higher price than sweet crude. The distillate is coming from the Barnett Shale Formation. FYI, it is not unusual for distillate to come from formations producing natural gas, like the Barnett. That is in part why revenues are up triple digits percentage. The PRI leases with 193 wells to re-work is nice,... but I am here for the Barnett Shale wells that will eventually push this SP up strong, IMHO. AMEP has +8,000 acres over a blanket Barnett Shale Formation to develop, and they have 100% working interest and control on the vast majority, and 50% on the adjoining lease to the Youngblood that has the sales pipeline. Now CB has his own rig, Barnett wells will be coming on at a fast pace.
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