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American Energy Production Inc. Announces Update on Bend Arch Petroleum Hart #8 Natural Gas Well Apr 21, 2006 11:48:00 AM MINERAL WELLS, TX -- (MARKET WIRE) -- 04/21/06 -- American Energy Production Inc. (OTC BB: AMEP) announced successful fracture stimulation by Bend Arch Petroleum's Hart #8 natural gas well on its Palo Pinto 12 well project. The completion depth of the Bend Arch Petroleum's Hart #8 reached 3257 feet the target depth of the original well plan to test the Keechi Farms Strawn sand.
The Hart #8 natural gas well was electrically logged on March 12 and petroleum engineers determined the well bore has five potential oil and natural gas formations. 51/2' casing was cemented to the total depth of 3257 feet. The Hart #8 well has been acid zed in the Keechi Farms Strawn sand and on Monday, March 27 the well was fractured stimulated. Management and treating company engineers determined the frac job was successful, and now the frac water has to be recovered to determine the natural gas flow rate. The Hart #8 well still has 150 to 170 barrels of frac fluid to recover, and the gas well flow should increase significantly. The Hart #8 has 600 PSI shut in pressure at this time. The flow line to the gas sales meter has been installed and other production equipment is ready to hook up to the well. The well should be selling natural gas in the next few days. Moving video can be seen of the Hart #8 well test flowing natural gas on a 8/64th positive choke at www.americanenergyproduction.com and www.oilamericagroup.com
The Ideco Phantom Rig I has moved to a second well on the Palo Pinto 12 well project on a location with a Ellenberger or a Mississippi reef high, determined by the extensive seismic shoot recently completed by Bend Arch Petroleum Inc. will be the target. The seismic mapping determined the location to be 70+ feet high to other Ellenberger formations in the area. The new well will be drilled into the Ellenberger Formation, and then electric logs will determine if the unusually high formation, will be a successful oil or natural gas producer. The Barnett Shale formation is above the Ellenberger formation and engineers will determine if a horizontal completion is also available in the Barnett Shale since this location is approximately 1,000 feet from the Murphy #1 Barnett Shale well that has produced over $1,000,000.00 since July of 2004.
Charles Bitters, President of American Energy Production Inc., stated, "The Company is very excited with the opportunities that the Phantom Rig I will give Bend arch Petroleum and Oil America Group to drill and participate in many new natural gas wells and oil wells. We believe the Company will expand its operations dramatically in the next few months."
About American Energy Production, Inc.
American Energy Production Inc. is a Business Development Company. A BDC company is regulated under the 1940 SEC act. That act set out procedures by which a Company once it establishes a majority position in a Company can make a series of further investments in its 'investee.' A BDC company does not consolidate financial statements with its investees and each investee operates independently.
The value of a BDC is derived by adding the value of each of the investees. In the case of AMEP, each investee's oil and gas leases and producing properties and equipment will be evaluated by a oil and gas appraiser and then the independent members of the Board of Directors of AMEP will use this information along with other relevant facts and arrive at a value of each investee and the complete BDC.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations expressed or implied by such forward-looking statements.
NEWS OUT!!! I know we have a thread for this, but it's about to take off this afternoon, just letting the people not following the thread to know news is out.
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.12 just fell like a sack of potatoes... lol
Monkeyman
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Energy Production Inc. Announces Wholly Owned Investee Oil America Group Corporation Signed a Letter of Intent with Jacobson Oil Enterprises to Acquire Licensing Agreement to Sell and Operate the OTIS Subterranean Oil Recovery Pump in Texas
DALLAS--(BUSINESS WIRE)--April 26, 2006--Oil America Group Corporation, a Wholly Owned Investee of American Energy Production Inc. (OTCBB:AMEP - News), announced today the Company signed a Letter of Intent with Jacobson Oil Enterprises, LLC to sell and operate the OTIS Subterranean Oil Recovery Pump, a method and apparatus for subterranean oil recovery from water separation, in Texas, Louisiana, Arkansas and New Mexico.
The OTIS Pump is both a method and an apparatus for separating oil from water down hole underground. This eliminates the necessity and expense of hauling salt water to a disposal site. The expense of water disposal is eliminated and the cost of electricity associated with the pumping process in many cases is reduced from hundreds or thousands of dollars per month to $25 to $50 per month. This dramatic cost saving is an opportunity to revive the estimated 500,000 stripper or marginal oil wells in the United States and make the wells more economical to produce.
In 2005 Jacobson Oil Enterprises amassed 26 proprietary patents dealing with the OTIS pump. "This is new oil recovery technology, which was invented to solve a problem. I am very proud of our development team and what they have achieved," said Hank Jacobson President of Jacobson Oil Enterprises.
Joe Christopher, President of Oil America Group Corporation said, "Texas leads the list of states with unplugged and abandoned oil wells and OAGC is in the process of acquiring 20 oil wells in various formations to test the application of the OTIS pump. With thousands of oil wells that are currently non-producing liabilities, Oil America Group has the opportunity to bring this new dynamitic technology to the oil patch at a time oil is trading at historic highs of $75 a barrel. The Company believes the prospect of success is obviously very exciting with the OTIS pump."
Charles Bitters, President of American Energy Production Inc. stated, "We are very excited that Oil America Group Corporation, led by Joe Christopher has located and signed the letter of Intent with Jacobson Oil Enterprises to become involved with the OTIS subterranean oil recovery pump. This gives Oil America Group the opportunity to raise drilling funds for oil and gas partnerships but to also diversify into other fazes of the oil and natural gas industry. American Energy Production Inc. expects immediate success with this endeavor."
American Energy Production Inc. is a Business Development Company. A BDC company is regulated under the 1940 SEC act. That act set out procedures by which a Company once it establishes a majority position in a Company can make a series of further investments in its 'investee.' A BDC company does not consolidate financial statements with its investees and each investee operates independently.
The value of a BDC is derived by adding the value of each of the investees. In the case of AMEP, each investee's oil and gas leases and producing properties and equipment will be evaluated by a oil and gas appraiser and then the independent members of the Board of Directors of AMEP will use this information along with other relevant facts and arrive at a value of each investee and the complete BDC.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations expressed or implied by such forward-looking statements.
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Yeah I have had this for a little while fianlly paying out.
opieone
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12% so far I can see this one going up beyond today, because they will start producing some good profits.
MillerTIME
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Real hot here. MOMO, watching for .12 break
KublaKhan
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This is looking quite strong today.
Double Diamond
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It's really going up slowly ...
buckstalker
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That's the way to do it...
imakmony2005
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nice slow and steady. upward
crockett
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I was starting to think we would never see another PR out of this company. I figured the next PR would be news about a R/S right about the time our restricted shares could be sold.
buckstalker
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Huh????
opieone
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That or the next PR could be like the Beverly Hillbillies, "Struck black gold." hehe.
crockett
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quote:Originally posted by opieone: That or the next PR could be like the Beverly Hillbillies, "Struck black gold." hehe.
Let's hope for that one
Monkeyman
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Still a good time to buy in... nice northward movement.
opieone
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Yeah time to get some of that Texas Tea....
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