SAN ANTONIO, July 17, 2002 (PRIMEZONE) -- American Energy Production Inc. (OTCBB:AMEP) begins negotiations with a Texas Panhandle oil operator to acquire approximately 4000 acres of oil leases. This property has 20 producing oil wells and several infield drilling locations. Also, the oil lease has two salt water injection wells, pipelines and oil storage tanks.
The oil leases have approximately one million barrels of proven recoverable oil reserves. American Energy Production Inc.'s petroleum engineer will study all relative information to determine the value of the properties. Once the Company decides there is value in the oil lease, further negotiations will continue with the oil operator.
American Energy Production Inc. will continue to explore acquisition opportunities that have the potential for increased oil and gas production that will add reserves to the Company's balance sheet.
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.