Had a nice conversation, and you can tell he's not feeding you a line of BS.
He said they got the torque converters back Tuesday, and they were working to install them Wednesday. He said that due to demand for equipment to get fixed, they had a tough time keeping the repair shop "on task".
According to him, they were going to lift the derrick either today (Thursday) or Friday, and if all went well, they'd start rolling to location.
He said that the location is prepared and ready to go.
The first well will be what he calls the "shakedown well". It'll be a 3100' vertical well with multiple sand formations. They'd sample each sand formation, and produce out of the best one.
They would not be drilling 24/7 on the first well, as they are trying to break in the crew, and there's no reason to push guys around the clock when the learning curve is that steep.
He confirmed that it takes 9 trucks to move the rig, and it'll take a lot of coordination to get it right, especially on the first go around.
We shot the breeze about some other oil field stuff (that doesn't really apply here so I'm leaving that out) and overall had a good conversation.
So based on this, I expect to be turning the drill bit sometime towards the middle or last part of next week (knock on wood).
posted
could be why this thing is going up, good news might be on the way. its up 50% from yesterday
Posts: 2329 | From: MD | Registered: Jul 2005
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posted
Its up because of the demand for ng.Record cold temps forcasted.nprice of ng could go to 18 this winter,was 6 last year at this time .Whos maken money???
-------------------- RLB Posts: 205 | From: NY | Registered: Oct 2005
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Not sure if it's standard to give oil field crews one or two days off. At any rate, I'd expect the rig to at least be on location by Wednesday. JMHO
Oh, I fogot to mention in my previous post....
My original question for JC was to clarify the reason for the late filing of the 10-Q, and how Huricane Wilma could affect the promptness of the filing.
He said, as has been revealed here already, that one of the auditors for the books was/is from Boca Raton, FL. At the time, this lady was in Cancun, Mexico when Wilma went through.
He said that she had to rent a car to get further inland to a different airport, and ended up flying to Denver from where ever she was. She was then able to make it back to FL, only to find her office was without power, etc. etc.
AMEP is also not her only customer, so she was backed up for quite a while...
To make a long story short, the auditor of their books is from FL, and to make matters worse, she was stranded in Cancun when Wilma pounded the Yucatan.
Take that for what it's worth, but that's straight from the horses mouth.
posted
Dallas, Texas, Nov 18, 2005 (M2 PRESSWIRE via COMTEX) -- Twin Trader Alerts for Friday include American Energy Production, Inc. (OTCBB: AMEP), MIV Therapeutics Inc. (OTCBB: MIVT), Cascade Energy, Inc. (OTCBB: CSCE) and PlanetLink Communications Inc. (OTCBB: PLKC).
To feature your publicly traded company in our alerts, email feature*twintrader.com or call us at (214) 227-7559 and we will gladly send more information on featuring your company with twintrader.com.
American Energy Production, Inc. (OTCBB: AMEP) traded as much as 20% over open on Thursday.
American Energy Production, Inc. engages in the acquisition, development, production, exploration for, and the sale of oil and gas in the United States. The company, through its subsidiary, Bend Arch Petroleum, Inc., holds 1116 acres in Pinto, Texas, and also a 50% interest in 400 acres in Parker County, which includes five producing natural gas wells, as well as natural gas pipeline.
posted
American Energy Production Inc. Releases Update to Shareholders on the Progress of the Ideco Drilling Rig 11/18/2005
MINERAL WELLS, Texas, Nov 18, 2005 (BUSINESS WIRE) -- American Energy Production Inc. (OTCBB:AMEP) announced an update to shareholders on the most recent progress of the Ideco drilling rig purchased by Investee AMEP Strategic Investments Inc. The refurbishing of the Ideco oil drilling rig is now complete. The mud pump engines and the draw works engines are running with no problems. The company is extremely happy with these results. Overhauling two torque converters on the draw works engines are completed and re-installed and ready to operate. Pressure washing and new paint on the rig is also complete. The derrick will be raised ASAP and pictures of the drilling rig will be posted on the websites of AMEP and Oil America Group.
Bend Arch Petroleum Inc. will move the drilling rig to Bend Arch Petroleum Inc., 12 well property, and drill a 3,100 foot developmental well. This well will have four to five potential natural gas formations that could produce 200,000 to 300,000 cubic feet of natural gas per day, however there are no guarantees the well will be commercial.
In a recent news announcement, the extensive 3-D seismic study on 2500+ acres, consisting of two tracts, in Central and North Central Palo Pinto County, Texas for Bend Arch Petroleum Inc. will be completed this weekend. The purpose of the seismic evaluation is to prepare the way for the re-entry and deepening of two existing wells by Bend Arch Petroleum Inc. into the Barnett Shale formation with horizontal lines and two proposed new joint venture horizontal Barnett Shale wells to be drilled by Oil America Group over the next few months. As stated previously this 3-D seismic shoot will take some of the guess work out of staking locations for the horizontal Barnett shale wells.
As previously announced AMEP has posted its best 3rd quarter ever. With the Ideco drilling rig becoming operational and our Production Resources Inc. oil properties having great success with AMEP HOA 800 our forward-looking guidance looks positive for a strong 4th quarter and 1st quarter of 2006.
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 risks, 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.
SOURCE: American Energy Production Inc.
American Energy Production Inc. Charles Bitters, 210-410-8158 www.americanenergyproduction.com or Oil America Group Inc. Joe Christopher, 972-386-0601 jchristopher*oilamericagroup.com
Copyright Business Wire 2005
-------------------- Pennies...Get in, Get out, Get a profit! Posts: 352 | From: Killeen, Texas | Registered: Nov 2004
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posted
I thought about adding the other day when this hit the .04's but I didnt and now I am Kicking myself over and over and over! Guess I will just live with what I have!
Posts: 333 | From: Cullman, Al | Registered: Sep 2005
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posted
I'm still holding with you guys too. I'm hoping to see .25 I know it's definately possible especially once this drill starts bringing us mass amounts of oil! Good luck everyone. Nice to see you QUEST.
Posts: 216 | Registered: Aug 2005
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posted
well nice to see everyone is still here looks like we might be on our way back up.i now have all of the shares that i was looking for. i will be holding till mid winter.energy stocks look like they are creeping their way back up so just wait till the cold weather hits. we will be making alot of money this year good luckk to all and keep making money bmax,
Posts: 629 | From: new england | Registered: Feb 2005
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