WESTON, Fla., March 24, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: American Energy Production Inc. (OTCBB:AMEP), Progen Industries Limited (Nasdaq:PGLAF), Charming Shoppes Inc. (Nasdaq:CHRS) and Eastman Chemical Company (NYSE:EMN).
Aggressive investors should take a look at American Energy Production Inc. (OTCBB:AMEP) this morning! Yesterday after the markets closed, the company issued a press release, announcing that its wholly owned subsidiary Bend Arch Petroleum Inc., purchased another high potential natural gas well in Palo Pinto County, Texas. Bend Arch Petroleum Inc. will take possession of the well immediately and began re-working it in the next few days!
This could be more great news for investors! According to the press release, Mitchell Energy Inc. originally drilled this gas well in the early 1980's and decided not to complete the well in the deeper formation. This well currently produces from a Strawn formation about 2600 feet deep. AMEP's petroleum engineer believes this well can produce natural gas from a Bend Conglomerate formation about 4,100 feet deep. With new fracture stimulation's not available in the early 1980's and natural gas prices over $5.00/MCF, this is a perfect candidate to increase the income and gas reserves of Bend Arch Petroleum Inc. Other conglomerate wells in the area had initial production rates of over 1,000,000 MCF per day and the company's petroleum engineers believe this well has that same potential.
Keep your eyes on this company! Charles Bitters, President of American Energy Production Inc. stated, "The purchase of this well is a continuation of the aggressive acquisition campaign to acquire oil and gas properties that can be re-worked and re-stimulated into income producing properties." AMEP will have more information on this gas well as soon as re-working is completed and results can be seen at http://www.americanenergyproduction.com.
The stock closed yesterday at just over five cents a share.
In case you are unfamiliar with the company: AMEP is an Oil and Gas Lease Acquisition Company, specializing 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. Focusing on acquiring 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. AMEP operates three areas of oil and gas operations: Leasing Programs, Production Acquisitions, and drilling with new technologies.
Stocks showing interesting activity yesterday were: Progen Industries Limited (Nasdaq:PGLAF) up 19.5% on 444,400 shares traded, Charming Shoppes Inc. (Nasdaq:CHRS) up 8.2% on 3.8 million shares traded and Eastman Chemical Company (NYSE:EMN) up 5.5% on 1.8 million shares traded.
Commentary: Wallet thinner
"The annual cost of health care for an obese person is $1,500 higher than that for an average size person. This is by a survey of 178,000 people in an article by Prevention Magazine. However, around 30% of Americans are considered obese in this country, and this has been a growing segment for the past 20 years," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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