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i think people just stock up around .01 or .011 for later, its happened a few times this week, thought it would go alittle further this time schb seems to squash it quick.
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MINERAL WELLS, Texas--(BUSINESS WIRE)--May 27, 2005--American Energy Production Inc. (OTCBB:AMEP - News) announced today its wholly-owned investee Bend Arch Petroleum Inc. is re-entering another well, the Nash 1-C in the Barnett Shale formation located on its 12 well Palo Pinto Project. Charles Bitters, President of American Energy Production Inc. stated, "This well is close to the Barnett Shale oil and gas well on the 12 well project that has produced approximately 15,000 barrels of oil and 45 million cubic feet of natural gas since July of 2004. Though production rates have not been established, the Nash 1-C well also shows signs it will produce both oil and gas."
Bend Arch Petroleum Inc. will install a Uni-draulics jet pump on this well instead of a conventional pumping unit. The idea is to move more oil and produced water from the wells bore faster and more efficiently to achieve a greater flow of oil and natural gas. Bend Arch employees will work throughout the Memorial Day weekend to finish installing this equipment. More details will be announced as to the status of the Nash 1-C well as soon as management has results. To view a current picture of the workover rig on the Nash 1-C well please follow this Link.
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oh yes - it happens many times that PR are ignored just because of wrong time but maybe they will have something else on tue (end of month!) in any case MACD is crossing and (finally) reversing up (also RSI-WR are uptrending) and if oil goes up ...
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American Energy Production Inc. Announces Success on Initial Start-up of Uni-Draulics Jet Pump on Bend Arch Petroleum Inc. Nash 1-C Barnett Shale Well 06/15/2005 08:00 American Energy Production Inc. (OTCBB: AMEP) announced today its wholly owned investee Bend Arch Petroleum Inc. began operations of a uni-draulics jet pump on the Nash 1-C Barnett Shale well.
Charles Bitters, President of American Energy Production Inc. stated, "After several days of delays obtaining a down-hole assembly's for the uni-draulics jet pump, Bend Arch Petroleum Inc. began successfully producing the Barnett Shale well on Monday. Management believes it will take a week to ten days for the well to stabilize and have consistent oil and natural gas production rates. However, initial indications point to positive results. After only four hours the well was producing substantial amounts of natural gas. We will post results once the well has had a chance to stabilize therefore giving a clearer picture as to the future of the Nash 1-C well."
The installation of the uni-draulics jet pump on the Nash 1-C well instead of a conventional pumping unit will move more oil and produced water from the wells bore faster and more efficiently than the conventional pumping unit.
To view a current picture of the workover rig on the Nash 1-C well please follow this Link.
Scroll down where you'll see Nash Well Barnett Shall Re-entry.
Charles Bitters also stated,"Bend Arch Petroleum Inc. has accumulated over 7,000 acres of leases that have potential Barnett Shale production. Bend Arch Petroleum Inc. and Oil America Group Inc. of Dallas, Texas another 100% owned investee of AMEP plan to offer drilling partnerships to potential investors to drill Barnett Shale wells on the above mentioned properties in the near future. For more information contact Joe Christopher at Oil America Group Inc."
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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farmgirl I think the wall is a bit further out at .022. However with todays EOD run we may have momo to drive right through that. I mean the volume is unreal.
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i am thinking everyone is getting in and waiting for the next ten days to come...
read below -
Management believes it will take a week to ten days for the well to stabilize and have consistent oil and natural gas production rates. However, initial indications point to positive results. After only four hours the well was producing substantial amounts of natural gas. We will post results once the well has had a chance to stabilize therefore giving a clearer picture as to the future of the Nash 1-C well."
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