Hey..Looks like CB used to think about us stockholders..
American Energy Production Inc., Announces Update on Oil Drilling Rig
Tuesday October 11, 7:00 am ET
MINERAL WELLS, Texas--(BUSINESS WIRE)--Oct. 11, 2005--American Energy Production Inc. (OTCBB: AMEP - News) Due to the enormous amount of share holder interest, AMEP announced today a progress report on the Ideco drilling rig purchased by Investee AMEP Strategic Investments Inc.
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Charles Bitters, President of American Energy Production Inc., said, "The refurbishing of the Ideco oil drilling rig is going very well. All of the mud pump engines have been started and have great oil pressure. They are all running very smoothly. The draw works engines will be started today. The company is very happy with these results, because any engine problems would set back the drilling of the first well. Pressure washing and new paint on the rig is almost complete. If the draw works engines run properly, later in the week the derrick will be raised and pictures of the drilling rig will be posted on the websites of AMEP and Oil America Group."
The drilling rig work over should be completed and the rig operational in the next ten days. At that time the Company will move the drilling rig to Bend Arch Petroleum Inc., 12 well property, and drill a 3,100 foot developmental well. This well will have four to five potential natural gas formations that could produce 300,000 to 500,000 cubic feet of natural gas per day, however there are no guarantees the well will be commercial. The company will drill this relatively shallow well before it attempts to drill a horizontal Barnett Shale natural gas well to test all the rig systems and work out any issues that may occur on the drilling rig before attempting a maximum depth effort.
Initial inquiries for the Oil America Group Limited Drilling Partnership have been overwhelming. Joe Christopher and his corporate counsel have submitted the documents for final approval. The Oil America Group Investor program will begin the week of the 20th of October. Potential investors will be notified when the program receives final approval. For more information contact: jchristoper@oilamericagroup.com or 972-386-0601.
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 risks, 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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