American Energy Production Inc. Announces 2nd Qtr. Production Revenues for Two Investees
Tuesday August 16, 9:00 am ET
MINERAL WELLS, Texas--(BUSINESS WIRE)--Aug. 16, 2005--American Energy Production Inc. (OTCBB:AMEP - News) announced today the 2nd quarter revenues of its two wholly owned investees, Production Resources Inc. and Bend Arch Petroleum Inc.
American Energy Production Inc. investee, Production Resources Inc., sold approximately 1,274 barrels of oil in the 2nd quarter for total net estimated oil revenue of $63,695.
Bend Arch Petroleum Inc., in the 2nd quarter, sold approximately 3,341 barrels of oil with estimated revenues of $157,090 and natural gas sales of 31,604 MCF with approximate gross revenue of $189,078. Total gross revenues for Bend Arch Petroleum and Production Resources Inc. totaled approximately $409,775 for the 2nd quarter.
"Production revenues for the 2nd quarter were off a little from the 1st quarter due to prices of oil and natural gas in April and May when the oil posted price was only $42.00/bbl., and natural gas spot prices were around $4.50/MCF. Also, the natural gas purchasers had to do maintenance repair work on the gas transportation line and Bend Arch had to shut the oil and gas wells in for almost a week," stated Charles Bitters, president of American Energy Production Inc.
Charles Bitters, also stated, "Oil America Group is within one week of starting its second Limited Drilling Partnership. Joe Christopher, president of Oil America Group Corp. is very excited about the prospects in the 3-well Horizontal Barnett Shale Project."
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