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American Energy Production Inc. Announces Significant Oil and Gas Discovery by Wholly Owned Investee Bend Arch Petroleum Inc. MINERAL WELLS, Texas
American Energy Production Inc. Charles Bitters, 210-410-8158 www.americanenergyproduction.com or Oil America Group Inc. Joe Christopher, 972-386-0601 Jchristopher@oilamerica.com
American Energy Production Inc. (OTCBB:AMEP) announced today it's wholly owned investee Bend Arch Petroleum Inc. recently discovered a significant oil and natural gas well on its Palo Pinto county 12 well project.
The oil and natural gas well was a re-entry, completed in the "D" section of the Marble Falls formation using new stimulating and fracturing techniques that have not been used on this particular formation until now.
Bend Arch Petroleum Inc. management commented, "The new well has produced over 1000 barrels of oil and approximately 2.5MCF of natural gas in the past week. The well has not yet stabilized and is very erratic while the fracture completion fluid is being recovered. The revenue from this new production is expected to significantly assist us on our ongoing drilling and exploration programs."
Charles Bitters, President of American Energy Production Inc. stated, "We are very pleased Bend Arch Petroleum Inc. is keeping with the aggressive exploration programs originated by AMEP to find new reserves of oil and natural gas. With the historic prices of oil and natural gas this new discovery will allow Bend Arch Petroleum to drill several new wells on the 1400 acres the company owns in the area of the new well also adding a new potential productive formation other than the Barnett Shale."
With this new oil and gas discovery in the Marble Falls formation along with recent successful completions in the Barnett Shale formation, American Energy Production Inc. wholly owned investee Oil America Group Inc. of Dallas, Texas will begin implementing a new drilling program for potential oil and natural gas investors. This will allow investors to participate by owning working interest in new oil and gas wells drilled in the area of the new discoveries.
-------------------- "Whether you think that you can, or that you can't, you are usually right." - Henry Ford
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Old news, but we should see 1.25 in 6 to 12 months if oil prices hold above 50. .12 to 015 if we drop below 40. I'm holding. Not buying more till I see heavy buying. Will sell if it drops much more so I can trade another day. Good luck to all except shorts. It' s your turn to sweat blood.
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