("American Petro-Hunter" or the "Company") is pleased to announce that the Company has commenced its fall drilling program which finds the Company committed to drilling 5 oil and gas wells over the next 60 days. American Petro-Hunter plans to drill and if successful, complete and tie-in 2 gas wells in California and 3 oil wells in Kansas during this period.
In the Sacramento Valley at the Wurster Gas Prospect, site preparations are underway at the Archer-Tsakopoulos #2 well site for the 7,800 foot test of gas indicated by 3D seismic. Estimated recoverable reserves at Wurster are 10.5 BCF. Wurster is the first well of the Company's fall program to be drilled, following which the rig will immediately move to the Victory Gas-Randal Island North Prospect. This second gas well, Archer-Meyers #1, is slated for 7,838 feet and has estimated reserves of 4.67 BCF. A drilling contract has been signed, funds for the Company's working interest share have been advanced to the operator and we are currently next in line for the contracted drilling rig that is currently finishing a project at a nearby location. The Company anticipates the spud of Archer-Tsakopoulos #2 in about 10 days.
In Kansas, American Petro-Hunter has announced the spud date of the #2 Lutters Well at the Poston Project for September 23rd. The well is planned for 4,500 feet and the Company has advanced funds in full to the operator for its working interest participation share of the dry hole drilling cost.
With storage tanks and infrastructure already onsite tie-in for immediate production will be rapidly facilitated. This is the first of two additional offset locations indicated by a new 3D interpretation of the lease.
Following the drilling at Poston, the plan is to relocate the drilling rig to the Colby Prospect in Thomas County. Colby is a potential multi-well program and the 500 acre block has a well-defined 3D seismic anomaly that includes 7 potential zones to be tested. The 5,000 foot #1 Keck well is scheduled for drilling in early October.
Lastly, at the Rooney Prospect in Ford County, the 3D seismic shoot has been completed. The acreage block totaling 5,120 acres was covered by the shoot which was aimed at identifying Morrow Sand oil and gas targets in sand channels. The data is now being processed and interpreted and it is hoped that multiple well locations will be identified. The first 5,400 foot test well at Rooney is planned for early November of this year. If successful, a multi-well program is envisaged immediately thereafter.
Company President Robert McIntosh states, "Our upcoming 5 well fall drill program in California and Kansas is the culmination of a significant preparatory effort that included the professional assessment of many highly technical engineering reports and extensive financial projections and cost-benefit analysis. This period of scrutiny has provided us the ability to select and develop our current portfolio of highly prospective opportunities in order to potentially build oil and gas production and dramatically increase our cash flow position within a relatively brief period of time. Our strategic aim is to rapidly develop the means whereby the Company can generate sufficient cash flow on a monthly basis in order to fund future project costs and operations. With even a modicum of success as an outcome on this upcoming program, we calculate our prospects in achieving these goals as excellent as we move forward over the next few months."
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
American Petro-Hunter, Inc.
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