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.
