American Petro-Hunter Outlines 2012 Development Drilling Program for Oklahoma -- Company Plans 5 Horizontal Wells for Mississippi Lime Play
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwire) -- 03/23/12 -- (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") today is pleased to announce the 2012 development drilling program at the Company's two Oklahoma Mississippi Lime Projects. The schedule includes plans for 5 more horizontal wells with two slated for the North Oklahoma Project leases and three on the South Oklahoma Project.
The proposed schedule equates to roughly one well every other month as the timeline for drilling, completion and fracking of the wells through to commercial production has been demonstrated by our first three wells as requiring approximately 60-80 days. Several shallow vertical offset wells are also possible dependent upon rig availability and partner participation. The Payne County leases have a minimum of eight more horizontal locations to drill, two of which are planned (at a minimum) for 2012.
Included in the 3 wells planned for the South Oklahoma Project is the recently announced SOM-1H. The well was originally scheduled to commence drilling today, but has been postponed for approximately one week due to localized unusually heavy spring rains in Oklahoma. The site preparations will be completed next week and the drilling contractor is waiting for the lease to dry adequately and has advised they will be moving equipment on-site by March 31st.
The SOM-1H well will undertake the Company's longest lateral horizontal drill effort to date, with a 2,000+ foot lateral extension as part of the engineered plans for the well. We anticipate results similar to, or better than, the NOM3H well which produced I.P. rates of 230 barrels per day and 470 MCF gas. With current prices of WTI crude in the $106 per barrel range, and some analysts recently predicting oil prices to potentially go as high as $200, our planned horizontal wells are appearing to present a payout to the investment of anywhere from 4 to 10 months return on investment (R.O.I.). Beyond the payout, expectations for the Mississippi reservoir have been estimated as a long-life producer as vertical wells have been producing in the region for over 20 years.
Company President Robert McIntosh states "We continue to refine and augment our plans as we increase our understanding of the Mississippi Lime reservoir. After drilling and completing 3 productive wells, we have discovered that oil and gas production will occur almost immediately after beginning to pump back the frack loads from these horizontals. Therefore revenues can be generated from the flush production, which greatly enhances the payout timeline for these wells. With less than a year to R.O.I. we see tremendous upside to these wells both from the initial and long life production."
(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:
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
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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 .
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1-888-521-7762
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Datum: 23.03.2012 - 07:45 Uhr
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News-ID 1095864
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