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You said "Bitters needs to convert Common to Preferred period.Shareholders should not settle for anything less. Why should he sit better than the common shareholder?"
Did you mean convert preferred to common? There presently are not enough unissued shares available to convert the entire 3.5 million preferreds..The co could buy back shares but doesn't have the $$ to do that..
I agree with your last sentence..the 3,500,000 preferred shares JB holds should have the same 1:25 reverse split.
What would have happened if..BIG IF..there was a forward split..hmmm Would CB kept the present 3 for 1 ratio?
What about the $2,000,000 owed to John Bitters?
Can we be sure that none of the shares privately placed won't be death spiral?
Hawk..how do you reconcile the fact that CB's preferred shares will effectively give him aro 35% of the company if he converts. I have read on the msg board that he can sell only 1% every 90 days..I am not sure if the facts mean sell, but convert..However, even un-converted they will/could be considered in the fully diluted shares..
Frank
I don't think you are paranoid..I vaugely rember that CB shut down a well rather than sell gas at a low price..How can we tell what he has done to hide production? imo
Around 8/2/2005
Press Release Source: American Energy Production Inc.
American Energy Production Inc. Announces Success on Re-Start of Uni-Draulics Jet Pump on Bend Arch Petroleum Inc. Nash 1-C Barnett Shale Well
Tuesday August 2, 9:00 am ET
MINERAL WELLS, Texas--(BUSINESS WIRE)--Aug. 2, 2005--American Energy Production Inc. (OTCBB:AMEP - News) announced today its wholly owned investee Bend Arch Petroleum Inc. began re-start operations of a uni-draulics jet pump on the Nash 1-C Barnett Shale well.
Charles Bitters, President of American Energy Production Inc. stated, "Bend Arch Petroleum Inc. began successfully producing the Barnett Shale well on Friday, July 29, after exchanging the complete down hole jet assembly and production tubing. The Nash 1-C is still not stabilized but on Monday August 1, the well produced in excess of 20 barrels of high gravity oil and 100,000/cubic feet of natural gas. At today's market price of $60.00/barrel for oil and $8.00/mcf of natural gas this would be approximately $1600.00/day or $48,000.00/month or $570,000.00/year gross revenue. This will add a very nice piece to the Bend Arch Production Inc. income. The company will post more results once the well has 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 well bore faster and more efficiently than the conventional pumping unit.
Charles Bitters also stated, "Bend Arch Petroleum Inc. has accumulated over 7,000 acres of leases that have potential Barnett Shale production. 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. Oil America Group Inc. will begin offering these partnerships in the next two weeks. 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
--------------------------------------------------------------------------------
Contact:
American Energy Production Inc.
Charles Bitters, 210-410-8158
www.americanenergyproduction.com
or
Oil America Group Inc., Dallas
Joe Christopher, 972-386-0601
jchristopher
Look at GEH message no 910 for conversation with JB..
From 1/27/2005
CORRECTING and REPLACING American Energy Production Inc. Announces Fourth Quarter and Year End Production Revenues for Two Investees
1/27/2005 9:00:00 AM
MINERAL WELLS, Texas, Jan 27, 2005 (BUSINESS WIRE) -- In BW5790 issued Jan. 25, 2005: Fourth graph, fourth sentence of the release dated Jan. 25, 2005 should read: This equates to a 21,500% increase over production revenues in 2003. (sted This equates to a 215% increase over production revenues in 2003.)
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The corrected release reads:
AMERICAN ENERGY PRODUCTION INC. ANNOUNCES FOURTH QUARTER AND YEAR END PRODUCTION REVENUES FOR TWO INVESTEES
American Energy Production Inc. (AMEP) announced today 4th quarter and year-end production revenues for it's two wholly owned investees, Production Resources Inc. and Bend Arch Petroleum Inc.
American Energy Production Inc. investee, Production Resources Inc., sold approximately 2077 barrels of oil in the 4th quarter for total net oil revenue of $64,810.
Bend Arch Petroleum Inc. sold 5131 barrels of oil and 32,589 MCF of natural gas in the 4th quarter for approximate total gross revenue of $455,743. Total approximate gross revenues for Bend Arch Petroleum Inc. and Production Resources Inc. totaled $520,553.
American Energy Production Inc. reported Oil and Gas revenues year to date for the two investees of approximately $1,442,453. AMEP is very pleased with the production revenues of our investees. In one year the investees have increased production revenues from $6600 to $1,442,453. This equates to a 21,500% increase over production revenues in 2003. The Company anticipates further production increases in the first quarter of 2005 because of the acquisition of Oil America Group Inc. (www.oilamericagroup.com) and increased production from new and existing oil and gas wells.
The American Energy Production Inc. website www.americanenergyproduction.com is currently being expanded; please go to the website and see information and an explanation of AMEPs' BDC (Business Development Company) activities.
About American Energy Production, Inc.:
AMEP was founded in 2000 and in 2003 upon the acquisition of certain oil and gas assets, the company entered a new development stage becoming a Business Development Company in January 2004. Activities during this stage include acquisition of subsidiaries, additional assets, developing and implementing a plan to extract oil and gas, acquiring certain rights to and utilizing an oil recovery additive AMEP HOA-800 and completing initial sales of oil and natural gas, and raising capital. The company has determined that its operating model best approximates that of an investment company and intends to make investments into developing businesses in oil and gas related industries. Please see www.americanenergyproduction.com.
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
SOURCE: American Energy Production Inc.
SOURCE: American Energy Production, Inc.
Consulting For Strategic Growth I, Ltd.
Corporate Development Consultants
Mr. Gerald Franz, 800-625-2236
Fax: 212-697-0910
cfsg@consultant.com
or
American Energy Production, Inc.
Mr. Charles Bitters, 210-410-8158
www.americanenergyproduction.com
Pr July 27, 2004 Dallas Business Journal..
What happened to this well???
Pr follows
AMEP makes major discovery in Barnett Shale gas field
American Energy Production Inc. (OTCBB:AMEP), a Texas-based oil and gas lease company, said Tuesday that its subsidiary Bend Arch Petroleum Inc. has made a major oil and gas discovery in the Barnett Shale formation, which lies under parts of North Texas.
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The Barnett Shale is a giant natural gas field with an estimated one trillion cubic feet of natural gas every seven square miles. It is currently being explored by a number of drilling companies.
Bend Arch's new well is part of AMEP's 12-well Palo Pinto Project, outside of Mineral Wells, and already has produced more than 1400 barrels of oil and more than 2 million cubic feet of natural gas for the company.
This particular well's supply of oil is unusually plentiful, said Charles Bitters, AMEP's president.
"It is very unusual for a Barnett Shale well to produce this volume of oil," Bitters said. "Normally these wells produce mostly dry natural gas. With the price of oil and natural gas at today's market prices this well has the potential gross sales of over $5,000 per day."
Bend Arch has accumulated more than 7,000 acres of leases that have significant potential Barnett Shale oil and gas production, and is continuing to evaluate opportunities in select areas of the Barnett Shale formation, the company said in a press release.
Bend Arch also has found oil and natural gas under a recently completed Barnett Shale well, dubbed Youngblood #1, that is located in Parker County, Texas. The well has 1200-lbs/sq. inch shut in pressure and only needs a pipeline connection to begin production, which should happen in the next few weeks, AMEP said.
Web Site: www.americanenergyproduction.com.
Nelderand..do you plan on doing a vote count after today?
Suppose..the company has issued (sold/given) more than the a/s ..it is something we have heard other companies have done..
What will happen if this is indeed the case..and many of us choose to vote NO by not responding. Then there could be yes votes counted that exceed the No's...and the r/s proposal passes..
My opinion is to vote No but send it in..
Hawk..how do you reconcile the fact that CB's preferred shares will effectively give him aro 35% of the company if he converts?
Hey mom2jbk..
You said
"Let us realize that everyone is expendable and no one is invincible. The value in AMEP today is in the 7000 acres of Barnett Shale properties, and specifically, the Padgett and Murphy-Nash leases, at least what we know of today. The revenue/reserves from these two leases are huge. They are AMEP's and no one can take them away."
First..we don't know what the reserves are..AMEP has never given out that information..could be a total duster or huge..
The BOD & CB have chosen to keep us in the dark!
Your last 6 words..if the r/s ia approved CB can take them away. We will have no effective voice ever again..EVER!
We are not on a level playing field here..imo
Is the conversion "limit" conversion or sale..If he can convert all but not sell but 1%..then my conspiricy theory holds ..if he can convert only 1% holds then I am wrong.
If he can convert all, but not sell..then he would have voting power and control the company..
Do you have a link with the 1% language?
On CB..never under estimate your "opponent"
Why were the prefered shares given only 2 charactoristics? Naming 2 BOD members..and 3 for 1 split..apparently non-reversable.
Some of the usual preferred charactoristics..dividends and higher ranking on disolution..Maybe these were never thought to be needed.
If the stock is split 1:25..CB gets 10,500,000 shares..don't event have to consider his present common shares..There will be approximately 30 million shares o/s..
Suppose CB has a buyer in the wings for $30 million for the whole company..Let's see..He will get $10,500,000 for his shares..or $1.00 share..We will get $1.00 for our shares which is equal to $.04 on the pre-split shares..
From my point of view..we cannot allow a r/s..
I missed that one..thanks
At least we don't have another 1.5 million going to CB
JC's remark about CB deserving 50-100% of the company sorta falls in line what the r/s of common and no r/s of the preferred would do..
I wonder how the remaining 500k of authorized but not issued preferred would be issued???? I would not be surprised to see it happen before the r/s
See shiny7676's post 111084 on rb..event could be seen from the road..
On voting out the present two directors..CB's preferred shares give him the right to elect two directors..Based on that, I don't think we common holders could vote them out. We would have to find out how to elect other additional directors which may be preventable by the present directors..issue for legal talent.
Also, wouldn't CB be able to vote himself in as a director as one of the two?
Amertirade is down for me...also my dsl is down to dial up speed (speed=oximoron)
LTG
you said
"2 rigs means two wells a month or better. I see massive positive revenue generated very quickly.It doesn't matter whether it's applied to a 500 million O/S or 20 million. The price multiple will be applied as the ratio dictates. The stock prices adjusts accordingly. So if there is enough to drive your nickel to a buck with a 500 million O/S then it will also drive your 1.50 to 30 bucks with a 20 million A/S count."
If CB converts his 3.5 million preferreds to 10.5 commons..there will be 30 million common shares outstanding..
Using your pps of $30 x 20mm shares that is $600 million market cap..
However if he converts..and why not..the $600 million / by 30 million is $20 share ..this rational will work on lower than the $30 you used.
Think about this..why did CB set up the preferred share classification in the first place? Is it not conceivable that this was always the plan?
Even if the a/s was reduced to only 50 million there would be enough to convert the 10.5mm..and CB has 30% of the co..After that, our votes will never be enough to effect the outcome of any contentious proposition put forth by the company.
More conspiricy theory..suppose the company knows there is more gas/oil there and kept it secret..the perfect reason to convert..I am simply throwing this out for something to think about..Doesn't it strike you as strange why CB has not acquired more common shares than he has? hmmmm
Right on Boli..the first was a 1:10..this last one was a 1:22.4
I posted a calculation someplace..either on the other board or here..somebody starting with 10,000 HEC shares had 1,000 after the first split and now..44.6 shares..
The first split was at $.50..and went to $5.00 as would be expected...however it eventually fell below $.50...
HEC now HKN has a reputaiton for hosing the common share holder..aka bag holder
Something that HEC now HKN did after their reverse split of several years ago..they gave common stock holders warrents to buy new shares of stock at a specified price..I forget if it was at a discount..
The purpose of the warrents was to deter a hostile takeover by increasing the o/s in friendly hands..
Also, the company realized cash for general corporate purposes..so..AMEP could offer warrents to all common holders to purchase shares at some specified price..Say the new price is $1.25..the warrents are for $1.20..and one for one..potentially, AMEP could realize cash up to $18 million dollars..and there would be no dilution for those who exercised the warrents..
If the a/s is left large enough..This is 100% conjecture..CB would be in the position to make an acquisition of another Barnet shale co or large acerage lease with "funny money". That would most likely be beneficial to us commoners..
I don't know if CB would be able to comment on this if it happens to be the case before the split occurs..again..this is just pure speculation..I have no information on this or any matter re: the split
No, your concerns are not silly..like I said in a previous post..an a/s of only 50 million shares can still cost us commoners our company if CB wants it to go that way..
ctb..treasury shares are shares that have been previously issued/sold and subsequently reaquired by the company and not cancelled. My guess is that there are no such shares..
The a/s are the maximum allowable to be sold/issued..the a/s would be at the new split pps..
Any new large investor doesn't need tens of millions of shares..
He/they need only to control any vote to go private or whatever take away deal they want..with around 18 million shares after the split..and CB's 2.8 million and ? how many friends & relatives shares..And what qty of common shares the 3.5 million preferred shares are converted..THEY BETTER BE SPLIT BACKWARDS TOO..If they are not..then CB will have 12=13 million more common shares..that alone can control the co.
So, at the most a new investor would need 18-20 million..probably at a cost of $1.00 discounted share..
So, the issue of 500 million a/s is not all that big a deal..even with 50 million a/s they can take over the co if CB wants that to happen..
Mrditbme..Thanks..I thought I read in recent days that the Phantom's mechanism for drilling should be is it air drive..not sure of the terminology..
Greeneyedhawk..re: drilling rigs..the challenger is still laying in a yard waiting to be rebuilt? isn't it?
The Phantom I should be rebuilt so it can drill faster..yes/no
If this is the reality..wouldn't you say something must be done? TIA
pseeker..all the onerous crap that usually surrounds r/s's..generally only companies in some kind of difficulty do that sort of thing..However..when the split goes into effect..say the pps is $.06 and you had 10,000 shares worth $600. After the split 1:25 you would have 400 shares worth $1.50 a share or $600..
If things continue to go wrong..then the stock will go down..the pps can still go down w/o the split..
HEC was around $.50 before a 1:10 some years back..After the split it was $5.00..HOWEVER! it went back down to and below the presplit pps of $.50..That was really terrible..at one time HEC had a split adjusted pps of over $70.00
Dilution..I don't remember the exact number of shares outstanding when I first got into AMEP some years ago..I think it was in the 250,000.000 range. So, there has already been dilution. The pps has generally gone up over this period of time (today excepted lol).
Each of us has to watch this issue going forward..and get out if it goes against your interests..
pankajanc..
I agree there should be a r/s effect on the preferred stock.
Like the common the a/s will remain unchanged. The conversion factor most likely (in my opinion) should take the 1:25 reduction..I agree, if it doesn't work that way..it is fraud..
If the split was a forward split, I am equally sure that the conversion factor would increase the same as the common shares..ie: 2:1..the 3.5 million would convert to 2x the present conversion number of shares..
Some of you folks may be familiar with Harken Energy..HEC..now HKN.
Several yeas ago they did a r/s of 1:10..and left the a/s unchanged..just within the past month or so..they did a 1:22.4 and left the the a/s unchanged. For example somebody starting with 10,000 would have dropped to 1,000 the first split and a tiny 44.6 this second time..
If the company was to change the a/s..what would be the "right" amount? Doing the same ratio as the r/s of outstanding would result in not having sufficient shares to "do good stuff"..
I think the "hope" should be (that is all we have)..that maybe AMEP will do a big acquisition of more leased land or a compatible company. Yes that would dilute our shares..but the action should increase the value of those shares..
If it turns out management uses the shares for "their" own interests and not regular common holders..Then it is time to bail out and go elsewhere with our $$..
It rained pr was May 2, 2006 eom
Reverse split..when HEC did a reverse some years ago they did not change the authorized shares..which set the stage for more shares being issued. a lot more
Fish..you said there is talk of changing the Ideco 40 over to air..can you tell us "whose talk?"
Fiduciary duty? What about guys like B. Ebers, K. Lay & many others..they had much more fiduciary duty..but let their own personal interests trump fd. Wouldn't you say "most" company presidents are willful people..Get them mad and there is hell to pay.
pankajanc..people often react to how they are treated by others..don't you think it is possible that CB was po'd by all that trashing? It is not blackmail..I am just suggesting that if you trash somebody..he is not likely to do something(good) for you if he has the option to withhold the pr..
Ladies & Gentlemen..Just in case the lack of pr's is the reaction to the comments to the it rained pr..the current chatter about changing management will most likely assure continued silence from the company..We have waited a very long time..it might be prudent to hold back a little longer..
How about that the QQQQ'S & QID are the same price..could this be the turning point?
Ameritrade lets me trade immeadiately after a sale..BUT! I have to wait the 3 days before selling the new purchase. If I wait another day, then I must wait 2 days etc. This is a cash account.
NTAH EP can you give me an analysis of what is going on with this co price wise. Two days ago I had an order in for $.70 and cancelled it (dummy me)..TIA