American Energy Production Inc. Announces Purchase of 12 Oil and Gas Wells.Energy Editors/Business Editors MINERAL WELLS Mineral Wells, city (1990 pop. 14,870), Palo Pinto and Parker counties, N Tex.; inc. 1882. Aluminum products, bottled mineral water, clothing, and pharmaceuticals are produced, and there is gas processing. , Texas--(BUSINESS WIRE)--Feb. 17, 2004 American Energy Production Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMEP AMEP Adult Migrant English Program AMEP African Middle East Petroleum Co. AMEP Asymptotic Multi-User Error Probability AMEP Association for Medical Education in Pakistan AMEP Automated Missile Engagement Planner ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMEP) announced today it has purchased twelve (12) oil and gas wells in North Central Texas on more than 1400 productive acres of developed oil and gas reserves. American Energy Production Inc. will take possession of these oil and gas properties on March 1, 2004 and will assign these oil and gas wells to its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Bend Arch Petroleum Inc. The 12 oil and gas wells consist of 6-strawn oil and gas wells that produce from formations as deep as 3,000 feet and 6 gas wells that have multiple gas formations drilled to 5,000 feet. Three of the gas wells have casing set through the Barnett Shale The Barnett Shale is a geological formation of economic significance. It consists of sedimentary rocks of Mississippian age in the U.S. State of Texas. The formation is estimated to stretch from the city of Dallas to west of the city of Fort Worth and south, covering 5,000 square formation and show a great potential for natural gas production. The first Barnett Shale fracture stimulation on one of these gas wells will began the second or third week in March 2004. All twelve wells are fully equipped to produce but will require remedial work to establish maximum oil and gas production. The wells produce several hundred thousand cubic feet of natural gas at this time but with successful fracture stimulation's the gas wells will possibly produce several million cubic feet of natural gas per day. If natural gas prices remain in the $5.00/MMBTU this could mean over $3,000,000.00 per year to the Company. Charles Bitters, President of American Energy Production Inc. stated, "The purchase of these 12 oil and gas wells is a continuation of the aggressive acquisition campaign to acquire bargain oil and gas properties that can be re-worked and re-stimulated to produce increased income." AMEP will have more information on these properties in March and this information can be viewed at http://www.americanenergyproduction.com. Statements contained in this release, which are not historical facts, may be considered "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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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