Next week for AMEP could be very big. john new, you posted "appears to me the MMs walked amep down as they were buying on light volume this a.m.....next week should be FUN>"
Agree, I am thinking next week could be a very big for AMEP and the SP.
I am expecting at least 4 news items that could be released at any moment:
1)NG flow rate on Hart #8, ...adding revenues to AMEP that was very close to profitability BEFORE this well.
2)Assignment for the recently acquired Challenger 360 drilling rig.
3)Spud of the Hart-Nash well. This well should reach TD in a few weeks, since they will now be drilling 24/7, and all the weak parts were replaced on the Phantom #1 drilling rig.
IMO, this well will be a company maker if the Ellenberger 'high' or the Mississippian Pinnacle Reef contains the dark WTC Oil, the light Condensate Oil, pushed by high pressures of NG, and the free high pressure water flood below the hydrocarbons, in the multi-County wide Ellenberger formation.
From the April 21st AMEP news:
"The Ideco Phantom Rig I has moved to a second well on the Palo Pinto 12 well project on a location with a Ellenberger or a Mississippi reef high, determined by the extensive seismic shoot recently completed by Bend Arch Petroleum Inc. will be the target. The seismic mapping determined the location to be 70+ feet high to other Ellenberger formations in the area. The new well will be drilled into the Ellenberger Formation, and then electric logs will determine if the unusually high formation, will be a successful oil or natural gas producer. The Barnett Shale formation is above the Ellenberger formation and engineers will determine if a horizontal completion is also available in the Barnett Shale since this location is approximately 1,000 feet from the Murphy #1 Barnett Shale well that has produced over $1,000,000.00 since July of 2004."
4) If you read several of the recent AMEP news announcements, like the Feb 23rd AMEP news, they are more than hinting of a new project or JV.
"The acquisition consists of a Challenger 360 Drilling Rig capable of drilling to a depth of 6,000 feet as well as drilling horizontal wells in the Barnett Shale. In today's environment this deal greatly expands the business plan of Bend Arch Petroleum Inc. Profit potential for Bend Arch Petroleum Inc. will be greatly enhanced. Not only does this give the company the ability to use the rig on Bend Arch Petroleum's own drilling projects but management will now be able to contract the rig to other oil and natural gas operators for high drilling prices. The Challenger 360 rig will enable Bend Arch Petroleum to acquire working interests in other wells increases our diversification with drilling oil and natural gas wells and also producing oil and gas wells. Discussions are already underway on several drilling projects."
GLTY john new, "next week should be FUN>"
...hawk, looking forward to next week too John.
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