SOURCE: American Petro-Hunter, Inc.
August 30, 2010 09:00 ET
American Petro-Hunter to Drill NOJ26 Well at North Oklahoma Shale Oil Project
SCOTTSDALE, AZ--(Marketwire - August 30, 2010) - American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") announced today that the next oil well to be drilled at the North Oklahoma Shale Oil Project has been designated NOJ26 and is finalizing plans to commence drilling operations.
NOJ26 is a vertical well with multiple objectives to a depth of 4,000 feet. The targets include the primary oil shale plus the location offers excellent potential in both the Simpson and Wilcox formations. The Wilcox is one of the most prolific producers in Payne County and nearby existing analog production has cumulatively produced 80,000 barrels of oil per well with 7 years of commercial activity to date. Wilcox wells often deliver initial production rates in excess of 100-120 BOPD with 200 MCF of gas.
A multiple objective well minimizes risk given the three potentially productive horizons and increases the overall information to be gained regarding shale response to acidization and fracturing. Once this well is drilled, completed and put into production, the Company plans to immediately move forward and implement plans for the commencement of operations of the previously announced horizontal well on the property.
The drilling contractor has been secured and the partners are finalizing the lease preparations with a detailed site survey and acquisition of all permits. Current plans are to spud the well in 10-14 days. The Company anticipates the well to be drilled and completed by the third week of September dependent upon drilling conditions.
Given that the No. 1 well returned rates in the 75-85 BPD rates on simple acidization alone, the Company and operator believe that a similar technique may prove to be the most cost effective path to R.O.I. and payback by establishing immediate production at the NOJ26 Well and to elect the "frac" option at a later date if required. Should an additional 120 BPD be produced from the Wilcox, the well could potentially be a 200 plus BDP producer. American Petro-Hunter is a 50% partner in the well.
About American Petro-Hunter, Inc. (OTCBB: AAPH)
The Company is a goal-oriented exploration and production (E&P) Company aiming to become an intermediate level oil and gas producer within 12 months. The Company is in production at the Poston Project in Trego County and at the Rooney Project in Ford County, Kansas with new drilling activity and production underway at the North Oklahoma Oil Project. With the achievable target of becoming a 1000 BOE producer as our goal, American Petro-Hunter is actively on the "hunt" for domestic petroleum assets. Visit us at: www.americanpetrohunter.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
American Petro-Hunter, Inc.
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Robert McIntosh
President & C.E.O.
To find out more about American Petro-Hunter, Inc. (OTCBB: AAPH), visit our website at www.americanpetrohunter.com