Investorideas.com - Oil and Gas Stocks; American Petro-Hunter (OTCBB: AAPH) Updates NOJ26 Well Completion Progress -- No.1 Well Producing at North Oklahoma Project
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SCOTTSDALE, AZ - October 19, 2010 (Investorideas.com energy newswire) - American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") is pleased to update the ongoing well completion progress at the NOJ26 Well location on the North Oklahoma Oil Project.
NOJ26 was successfully perforated and acidized in the lower oil bearing shale horizon where high gravity light oil was recovered and swabbed with excellent oil cut over the 40 foot interval. The shale will now undergo fracturing in order to finish the stimulation of the lower formation prior to continuation of the well completion program. Shale samples are currently being evaluated at an Oklahoma core lab and the results of this analysis will recommend the optimal fracture stimulation to maximize the oil production from the shale. Results are expected shortly and the final completion of the well is expected to result in commercial production by month end. The pumping unit and tank battery is now on site for rapid tie-in and hook up of NOJ26 well.
The Company is confident that based on strong oil shows and excellent swab testing results that following the fracture stimulation of the shale, the lower shale pay zone will produce at rates in excess of the No. 1 well which tested at 80 BPD under similar conditions. Engineers believe flow rates from the oil shale zone combined with the upper pay zone could ultimately result in over 200 BPD of production at NOJ26. American Petro-Hunter is a 50% partner in the well.
In related news, the Company is further pleased to announce that the No. 1 well at the North Oklahoma project has resumed production and oil is now flowing to the tanks. After a period of stabilization of barrel per day (BPD) rates derived from the oil shale production, the Company plans to begin a reservoir engineering assessment by a third party engineer in order to calculate a reserve estimate of barrels of oil in place under the No. 1 well location.
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 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.
President & C.E.O.
To find out more about American Petro-Hunter, Inc. (OTCBB: AAPH), visit our website at http://www.americanpetrohunter.com/
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