American Energy Production Inc. Announces 20% Increase in 3rd Quarter Production Revenues for Two Investees
Posted on: Thursday, 27 October 2005, 09:00 CDT
American Energy Production Inc. (OTCBB: AMEP) announced today 3rd quarter production revenues for it's two wholly owned investees, Production Resources Inc. and Bend Arch Petroleum Inc.
American Energy Production Inc. investee, Production Resources Inc., sold approximately 2761 barrels of oil in the third quarter for total net oil revenue of $97,617.00.
Bend Arch Petroleum Inc. sold 2782 barrels of oil and 26,431 MCF of natural gas for approximate total gross revenue of $436,281. Total approximate gross revenues for Bend Arch Petroleum Inc. and Production Resources Inc. totaled $533,898.
Charles Bitters, President of American Energy Production Inc. stated, "Oil and Gas revenues in the 3rd quarter increased approximately 20% from the 2nd quarter even though Bend Arch Petroleum Inc has not been able to fracture stimulate several oil and gas wells due to a lack of water caused by the severe drought in the north Texas area. In fracture stimulating a well the amount of slick water required is over 5,000 barrels per well."
Mr. Bitters also stated, "After a few delays with mechanics and part order delays, we are pleased to announce that all drilling rig and mud pump engines started and ran without any major problems or repairs. The derrick should be raised in the next few days and then the drilling rig will be moved to a location on a Bend Arch Petroleum lease to drill a 3100 foot natural gas well and test out the rig."
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations expressed or implied by such forward-looking statements.
Source: Business Wire
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