SAN ANTONIO, Texas, June 26, 2003 (PRIMEZONE) -- American Energy Production Inc. (OTCBB:AMEP), an emerging developer of oil and gas reserves, announced today an update on its current progress:
Management of American Energy Production Inc. would first like to take the time to thank our current shareholders for their continued support. Over the last few months we have been working diligently as our most recent news reflects. Management would like to go into detail and summarize our most recent events. Through our most recent acquisition, our Marble Falls Project has $33,011,202 gross Future Net Revenue of the non-producing oil and natural gas reserves after deductions and discounted FNI. This report can be viewed on our company website in the latest engineer report. We are pleased that the bond is in place to operate up to 99 wells. We have started the re-completion process on two wells in that area and will begin on our Duffer formation discovery in the upcoming weeks. The company has already begun the administrative process to be able to start on the Strawn gas well. We are pleased with our progress and expect these four wells to be operational and producing revenues for our third quarter.
American Energy Production Inc.'s letter of intent to acquire substantially all of the oil and gas leases and field equipment of Production Resources Inc. is a tremendous step in adding solid monthly revenue to our bottom line. Presently, Production Resources Inc. has 192 fully equipped oil wells capable of producing several hundred thousand dollars per month with new technology and stimulation procedures that will be incorporated into oil operations. The oilfield will be able to produce to its maximum potential using the Company's newly acquired technology, which the Company is not at liberty to discuss in detail at this time. American Energy Production Inc. petroleum engineers estimate oil production has the potential to increase substantially.
American Energy Productions Inc. would also like to address our most recent decision to recover and cancel 5,406,500 common shares and book these shares back into the treasury thereby reducing the shares outstanding. Management will continue to update our shareholders on this progress.
Please visit our website at: http://www.americanenergyproduction.com to review all news and research reports.
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.