SAN ANTONIO, Texas, May 19, 2003 (PRIMEZONE) -- American Energy Production (OTCBB:AMEP), an emerging developer of oil and gas reserves, updates investors on its target period for commencing re-stimulation of its Marble Falls Project.
American Energy Production Inc. announced today that the re-stimulation -- with new modern technology -- of the first well on its Marble Falls Unit is scheduled to commence in the next few days. The second oil well will be put into production in the next 30 days on the Marble Falls Project. The third well will be re-completed as a Duffer formation discovery, shortly after the two Marble Falls wells are put in production. American Energy Production Inc. has 32 potential producing oil and gas wells on the Marble Falls Unit.
The oil and gas leases, which were the subject of the acquisition of Proco Operating properties by American Energy Production Inc., on February 20, 2003, cover over 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 2,400,000 barrels of oil and 3 billion cubic feet of natural gas.
The first two wells will be reworked in the Marble Falls formation. The third well will be completed as a new Duffer formation discovery. The Duffer formation has not been explored extensively in this area. The Company's success in a re-completion of existing wells on the lease will add substantial oil and natural gas reserves to the American Energy Production Inc. assets.
Charles Bitters, President of AMEP, states: "We are very pleased about the progress of our recent acquisitions. We are now positioned to utilize our properties to generate revenues to our bottomline. We are currently prospecting further acquisitions in an ongoing effort to grow the company."
About American Energy Production, Inc.
American Energy Production, 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 work-overs and fracture stimulation systems. American Energy Production, 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 Production, Inc. is involved in three areas of oil and gas operations: Leasing Programs, Production Acquisitions and Drilling with new technologies.
American Energy Production, 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.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" 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 exposed or unknown factors could cause actual results to materially differ from the result, performance, or expectations exposed or implied by such forward-looking statements.