AENP potential sale of subsidiary:
Mar 04, 2010 08:30 ET
American Energy Production Inc. Announces Potential Sale of Subsidiary
MINERAL WELLS, TX--(Marketwire - March 4, 2010) - American Energy Production Inc. (OTCBB: AENP) announced today that it has signed a term sheet with a Calgary energy company Emerald Bay Energy Inc. and a private concern to buy its wholly owned subsidiary Production Resources Inc. The two entities will pay a combination of Emerald Bay Energy stock and cash for a total of $850,000.00 US. The sale will include all of the PRI lease acreage and equipment.
American Energy Production Inc. will retain a 1% overriding royalty on any oil or natural gas found below 1200 feet deep.
Charles Bitters, President of American Energy Production Inc., stated, "AENP decided to sale the PRI property and equipment to concentrate on its other oil and natural gas operations in North Texas and also to develop the Gold property in California."
More information on the sale will be forthcoming in the next few days.
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.
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