SAN ANTONIO, June 27, 2002 (PRIMEZONE) -- American Energy Partners, Inc. (OTCBB:AMEP), an emerging-growth company, today is pleased to announce it has formed an internal investor relations department to better handle the growth of American Energy as well as the shareholder base. American Energy feels this step is necessary to properly educate and empower both current and prospective investors with an opportunity to speak to a qualified company representative.
Charles Bitters, VP of Operations for American Energy Partners, Inc., stated: "The formation of our toll-free Investor Relations phone number, 1-888-910-2323, will give investors and shareholders the contact they need with our company. The addition of our Web site, http://www.americanenergypartnersinc.com, and John DeLisa, will give our investors and shareholders the answers they need."
About American Energy Partners, Inc.
American Energy Partners, Inc. is an oil and gas lease acquisition company. The Company will specialize in acquiring oil and gas leases that have potential for increased oil and natural gas production utilizing new technologies, well workovers and fracture stimulation systems. American Energy Partners, Inc. will acquire oil and gas leases that have proven reserves. The Company will initiate developmental drilling programs to drill new wells on these leases and, if successful, will add oil and gas reserves to the acquired property. American Energy Partners, Inc. is involved in three areas of oil and gas operations: Leasing Programs, Production Acquisitions and Drilling with new technologies.
American Energy Partners, Inc.'s main objective is to find oil and gas leases with upside potential for enhanced production. The company does this by utilizing the following rules: 1) leases, 2) geology, 3) engineering and 4) mapping from 3-D seismic.
The Board of Directors of American Energy Partners Inc., on June 19, 2002, declared a (one-for-five) stock dividend on its common stock, having the effect of a 20% stock dividend. Stockholders of record on August 16, 2002 will be entitled to one additional share of 144 restricted stock, for each five shares of the company's stock held at that time. Also on Jun 25, 2002 -- American Energy Partners, Inc. announced the Company has placed in escrow the acquisition agreement with Proco Operating Co. Inc., a Texas oil and gas operator. This escrow agreement is the final stage of negotiation for American Energy Partners Inc. to acquire all of Proco Operating Co. Inc.'s oil and gas leases and related oilfield equipment. These oil and gas leases cover 3,000 plus acres and have a long history of production from several producing horizons. The Marble Falls formation on this lease has proven recoverable oil reserves of 2,4000,000 barrels of oil and 3 billion cubic feet of natural gas. Proco Operating Co. Inc. will become a wholly owned subsidiary of American Energy Partners Inc.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such forward-looking statements involve risk and uncertainties, which may cause the actual results or objects to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company's financial performance, changes in the competitive environment, adverse changes in the economy, ability to maintain long-term relationships with customers and financing requirements.