www.MarketGainer.com: Market Gainer releases profile for American Energy Production, Inc.
By M2
Last Update: 11/7/2005 7:04:57 AM Data provided by
Nov 07, 2005 (M2 PRESSWIRE via COMTEX) -- MarketGainer.com strives to find dynamic issues that are unknown but because of their technology, approach, executive team, recent discoveries or other key factors, could advance in the market. MarketGainer.com has identified the following company based on these criteria. American Energy Production, Inc., (AMEP) a business development company, invests in other companies that acquire, develop, produce, explore, and sell oil and gas.
Last Trade: $ 0.06 Change: down 0.01 (9%) Prev Close: $ 0.07 Open: $ 0.07 Day's Range: $ 0.06 - $0.07 52 Week Range: $0.01 - $0.26 Volume: 10,556,855 Average Volume: 26,214,600
Shares decrease 9% as a mere 10 million in volume exchanges hands far lower than the company's average of 26 million. Today's irregular stock activity comes as the company reveals two of AMEP Investees Bend Arch Petroleum Inc. and Oil America Group have initiated work on an extensive 3D seismic study on 2500+ acres, consisting of two tracts, in Central and North Central Palo Pinto County, Texas. The purpose of the seismic evaluation is to prepare the way for the re-entry and deepening of two existing wells by Bend Arch Petroleum Inc. into the Barnett Shale formation with horizontal lines and two proposed new joint venture horizontal Barnett Shale wells to be drilled by Oil America Group over the next few months.
"We know the Barnett Shale formation is there. The question is what is the best way to approach its development? The purpose of this study is to develop a clearer picture of the formation in order to attempt to use the specific characteristics of the formation underlying these tracts to our advantage. There are naturally occurring fractures in the formation and we want use the data of this 3-D seismic shoot in both our lateral direction of drilling, and the design of the hydraulic "slick water" fracture used to complete the wells." said Charles Bitters, President of American Energy Production Inc.
Market Gainer will be keeping an eye on this company as it pushes its way into the oil and gas sector.
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