American Petro-Hunter Commences Operations to Drill Next Well in Reservoir Development Program at Rooney, Kansas
SCOTTSDALE, AZ, Mar 08, 2010 (MARKETWIRE via COMTEX) -- American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") wishes to advise that events are underway and momentum is building in the development of the newly discovered Kansas oil reservoir with the announcement of the immediate intent to drill the next in the planned series of wells at the Rooney Project.
Current operations at the reservoir test well are undergoing a series of studies and the partners have elected to take advantage of the favorable conditions, motivated field team and ample equipment at hand in order to exploit the constantly growing understanding of the underlying geology of the oil pool at Rooney.
Therefore, it has been determined to immediately move the rig to a previously identified target that offsets the producing #24-1 Double H well and to continue the program stepping outwards from the producer. The Company has stated it is fully committed to drill at least one well per month in order to develop the newly discovered reservoir at Rooney and is very pleased to announce that Management is in discussions with the operator and partners regarding the timing and production requirements of upcoming target locations at the project.
Drilling operations at the new well could be underway very shortly, and if successful, the Company plans a rapid tie-in to existing infrastructure. Should everything move ahead as proposed, this latest project in the 10-well program has the potential to be generating revenue by early April.
About the Rooney Project: The Rooney Project is located in southwestern Ford County, Kansas, 20 miles due south of Dodge City and totals 7,040 acres adjacent to the north edge of existing Morrow Sand oil and gas production. The initial discovery well, #24-1 Double H, commenced commercial production in January. The potential barrels of oil associated with the discovery well and underlying oil pool are currently estimated at 500,000 barrels and the Company feels the potential for the newly discovered reservoir is 3,000,000 barrels of oil. The Company and partners have developed a minimum of 10 target locations to drill that could add 10 additional wells to our portfolio by the end of the fourth quarter of 2010 at a planned drilling schedule of one new well per month. The operator of the project is S&W Oil & Gas, LLC of Wichita, Kansas. The purchaser of the oil production at Rooney is N.C.R.A. of McPherson, Kansas.
About American Petro-Hunter, Inc. (OTCBB: AAPH) The Company is a goal-oriented exploration and production (E&P) Company aiming to become an intermediate level oil and gas producer within 12 months. The Company is in production at the Poston Project in Trego County, Kansas and at the Rooney Project in Ford County, Kansas. Rooney is a new discovery for the Company that has the potential to drill 10 oil wells in 2010 and may contain 3 million barrels of oil. With the achievable target of becoming a 1000 BOE producer as our goal, American Petro-Hunter is actively on the "hunt" for domestic petroleum assets. Visit us at: www.americanpetrohunter.com
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.
