news out!!!!!!!!!!!!!American Energy Production Inc. Announces Wholly Owned Subsidiary, Bend Arch Petroleum Inc., Completes Salt Water Injection Well on Padgett Barnett Shale Lease
American Energy Production Inc. (the "Company") (OTCBB: AMEP) 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
www.americanenergyproduction.com
Oil America Group Inc.
Joe Christopher
972-386-0601
jchristopher@oilamericagroup.com
Source: Market Wire (May 24, 2007 - 1:30 PM EDT)
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