SOURCE: American Petro-Hunter, Inc.
SCOTTSDALE, AZ--(Marketwire - May 2, 2012) - American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") today is very pleased to announce that the SOM-1H horizontal well at the Company's South Oklahoma Project has reached T.D (total depth) after successfully drilling the planned 2,500+ foot lateral arm into the Mississippi Lime reservoir.
The SOM 1-H is the first well drilled on the Company's South Oklahoma Project which encompasses approximately 5,000 gross acres of leases underlain by the thick Mississippi Lime in an area which has enjoyed a well-documented and lengthy period of historic production from vertical Mississippian wells.
The lateral horizontal well component in the Mississippian encountered excellent oil and gas shows that included live crude oil over the shale shaker. The gas shows appeared to be very rich with high concentrations of ethane, propane, and butane. The most recent horizontal Mississippian well completed in the North Oklahoma Project offered 1469 BTU gas. The operator of the South Oklahoma Project has been able to re-negotiate the gas sales contract which should result in a price in excess of $6.50/MCF which is an excellent price in today's gas market. The drilling rig and associated service companies are being released and should be off the location by the end of this week.
Production equipment will be moved in as soon as possible and the completion procedure is being developed at this time. The operator hopes to have the well producing by early June, 2012.
Company President Robert McIntosh states, "We are very pleased with the results of the SOM-1H well. It is our first drilling venture on this lease block and is a key to overall development plans for the entire project. The success of this well increases the potential for numerous additional wells. The immediate plan will be to evaluate the production for a period of 60 to 90 days prior to drilling the next well. We feel this is a prudent step for the first well in a new location. We have positive early indicators that support an initial estimate that results have met our expectations and which suggest that planning of additional wells will begin immediately."
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, Kansas and the North Oklahoma 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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President & C.E.O.
To find out more about American Petro-Hunter, Inc. (OTCBB: AAPH), visit our website at www.americanpetrohunter.com