I've been watching this stock for a long time, as you know, but I just can't bring myself to pull the trigger and buy some more until we get some PR's from AMEP regarding the progress, (or lack thereof), of it's drilling program and reworks.
However, it is good to see that the stock price hasn't tanked after it removed it's BDC status. Many bears were predicting it would mean we would see AMEP below 0.03/shr and eventually mean the death of this company.
I know you've flipped this one many times before, so I hope you make out good this time too. Personally, I am just going to sit on the sidelines with my free shares for now.
GLTY,
NR.
-------------------- One is never completely useless. One can always serve as a bad example.
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American Energy Production Inc. Announces Wholly Owned Subsidiary, Bend Arch Petroleum Inc., Completes Salt Water Injection Well on Padgett Barnett Shale Lease Last Update: 1:31 PM ET May 24, 2007 MINERAL WELLS, TX, May 24, 2007 (MARKET WIRE via COMTEX) -- American Energy Production Inc. (the "Company") (AMEP : american energy production i com News , chart , profile , more Last: 0.05+0.00+0.99%
2:12pm 05/24/2007
AMEP0.05, +0.00, +1.0%) announced today its wholly owned subsidiary, Bend Arch Petroleum Inc. ("Bend Arch"), received a Salt Water Injection permit for well #6 on the 1,100 acre Padgett lease in Palo Pinto County, Texas. "The SWI permit is very important for the development of the Barnett Shale 1,100 acre Padgett lease as daily salt water hauling cost the Company approximately $300.00 per day," said Charles Bitters, President of AMEP. Bend Arch estimates that the lease has from six to eight Barnett Shale locations as a result of a 3-D seismic survey completed in 2006 on the property. Each Barnett Shale well requires the injection of 5,000 to 12,000 barrels of recovery water from the fracture stimulation. Fracture stimulations and completions can now be completed on the Padgett 11-H and 12-H Barnett Shale wells already drilled and cased. Natural gas and oil production results well be reported by the Company as soon as the wells are completed. As previously reported AMEP recently received shareholder approval and withdrew its election to be a business development company. As a result, AMEP is now a oil and gas operating company that's business focus is the purchase, exploration, drilling and operation of oil and natural gas leases in the Fort Worth Basin and Medina County, Texas.
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Related Quotes Sym. Price Chg. AMEP Trade News 0.051 0.0005 American Energy Production Inc. Announces Wholly Owned Subsidiary,Bend Arch Petroleum Inc., Completes Salt Water Injection Well onPadgett Barnett Shale Lease
May 24, 2007 13:30:43 (ET)
MINERAL WELLS, TX, May 24, 2007 (MARKET WIRE via COMTEX) -- American Energy Production Inc. (the "Company") (AMEP, Trade ) announced today its wholly owned subsidiary, Bend Arch Petroleum Inc. ("Bend Arch"), received a Salt Water Injection permit for well #6 on the 1,100 acre Padgett lease in Palo Pinto County, Texas.
"The SWI permit is very important for the development of the Barnett Shale 1,100 acre Padgett lease as daily salt water hauling cost the Company approximately $300.00 per day," said Charles Bitters, President of AMEP. Bend Arch estimates that the lease has from six to eight Barnett Shale locations as a result of a 3-D seismic survey completed in 2006 on the property. Each Barnett Shale well requires the injection of 5,000 to 12,000 barrels of recovery water from the fracture stimulation.
Fracture stimulations and completions can now be completed on the Padgett 11-H and 12-H Barnett Shale wells already drilled and cased. Natural gas and oil production results well be reported by the Company as soon as the wells are completed.
As previously reported AMEP recently received shareholder approval and withdrew its election to be a business development company. As a result, AMEP is now a oil and gas operating company that's business focus is the purchase, exploration, drilling and operation of oil and natural gas leases in the Fort Worth Basin and Medina County, Texas. Additionally, entities previously classified as portfolio companies of AMEP are now wholly owned subsidiaries.
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.
Contact: American Energy Production Inc. Charles Bitters 210-410-8158
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American Energy Production Inc. Announces Wholly Owned Subsidiary Bend Arch Petroleum Inc. Completes Gas Potential Test on Padgett Barnett Shale Well
Last Update: 8:01 AM ET Jun 11, 2007
MINERAL WELLS, TX, Jun 11, 2007 (MARKET WIRE via COMTEX) -- American Energy Production Inc. (the "Company") (AMEP : american energy production i com News , chart , profile , more Last: 0.05-0.01-20.31%
12:15pm 06/11/2007
AMEP0.05, -0.01, -20.3%) announced today its wholly owned subsidiary Bend Arch Petroleum Inc. ("Bend Arch") completed potential natural gas test on well #11-H on the 1,100 acre Padgett lease in Palo Pinto County, Texas. The Padgett 11-H Barnett Shale well has been fracture stimulated and after recovery of frac fluid the well is ready to deliver natural gas to the natural gas purchaser. A 160 pumping unit has been installed to move salt water and oil that will enable the continued production of natural gas. Preliminary production potential test show the Padgett 11-H will produce approximately 350,000 cubic feet of natural gas and 10 barrels of oil per day. Natural gas production will possibly increase as the well stabilizes after thirty to sixty days of operations. As previously reported AMEP recently received shareholder approval and withdrew its election to be a business development company. As a result, AMEP is now an oil and gas operating company whose business focus is the purchase, exploration, drilling and operation of oil and natural gas leases in the Fort Worth Basin and Medina County, Texas. Additionally, entities previously classified as portfolio companies of AMEP are now wholly owned subsidiaries.
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Not sure how/if AMEP might be effected by this, but Palo Pinto county, along with a host of others in Texas, are a big mess right now due to heavy rains over the last couple days.
Total Precipitation Radar Estimate (24 hours) via Accuweather.com:
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