American Energy Production Reports Approval of Reverse Stock Split Wednesday, August 22, 2007 11:30:22 AM
MINERAL WELLS, TX -- (MARKET WIRE) -- 08/22/07 -- American Energy Production, Inc. (the "Company") (OTCBB: AMEP) announced today that a one for twenty-five reverse split of its outstanding common stock was approved by its shareholders at a Special Meeting on August 17, 2007. The Proxy vote totals are as follows. Total votes for the Proposal 263,585,536 or 53.3% of the issued and outstanding shares. Total votes against the proposal 164,338, 863 or 33.26% of the issued and outstanding shares. Total votes abstaining the proposal 330,458 or .07% of the issued and outstanding shares. Total shares voted 86.66%.
The Company is in the process of filing an amendment to its certificate of incorporation with the Secretary of State of Delaware and upon the approval of the filing; the reverse split will become effective. The Company will notify shareholders when the reverse split becomes effective. Upon the effective date of the reverse split, the Company's outstanding common stock will decrease from approximately 494,170,082 shares to approximately 19,766,803 shares. Subsequently, the Company's transfer agent, Transfer Online, will send stockholders of record a Letter of Transmittal to effect the exchange of existing stock certificates for new shares representing post-reverse split adjusted shares. Stockholders who have shares at brokerage houses will have their shares reversed automatically by the brokerage house. Stockholders are requested not to send any stock certificates prior to receiving this Letter of Transmittal.
American Energy Production, Inc. is a publicly traded oil and gas company that is engaged primarily in the acquiring, developing, producing, exploring and selling of oil and natural gas. The Company traditionally has acquired oil and gas companies that have the potential for increased oil and natural gas production utilizing new technologies, well work-overs and fracture stimulation systems. Additionally, the Company has expanded its scope of business to include the drilling of new wells with its own equipment through its wholly owned subsidiary companies. Additional information may be found at its corporate web site, www.americanenergyproduction.com.
Certain statements in this announcement and inferences derived there from may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of the Company to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K filed on April 2, 2007. The Company undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.
--------------------------------------------------------------------------------Contact: American Energy Production, Inc. Charles Bitters 210-410-8158 http://www.americanenergyproduction.com or Oil America Group Inc. Joe Christopher 972-386-0601 jchristopher@oilamericagroup.com
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