Oil and Gas Stocks; American Petro-Hunter (OTCBB: AAPH) Reviewing Potential Production Acquisitions
SCOTTSDALE, AZ - November 9, 2010 (Investorideas.com Energy Newswire) - American Petro-Hunter (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") is pleased to announce that the Company is currently reviewing 3 potential oil production assets for acquisition.
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As part of the Company's strategic development plan to meet internal intermediate and long term production goals, production acquisitions based on "proved, developed, producing" (PDP) assets combined with multiple "probable undeveloped drilling" locations (PUD) are undergoing rigorous consideration.
The Company has commissioned third party, reservoir engineering reports on two producing fields in California and one in Kansas which are currently yielding production ranging from fifty to several hundred barrels per day. These existing production scenarios are considered undervalued given their proved developed and probable reserves. Management believes that the most important criterion in evaluating projects of this nature is for them to offer at least 20 development well locations so that should the field at any juncture begin to operate below capacity, the Company can drill offset development locations and deploy upgraded infrastructure combined with the employment of new technologies to optimize any underutilized production opportunities.
Our preliminary assessment has determined that the fields under review all meet the benchmarks as stated above with the potential to offer many PUD locations for future drilling as well as existing, long life reserves which the Company would add to its current daily production from the existing Kansas and Oklahoma wells. The combined production from American Petro-Hunter's currently producing projects alongside the added output from the acquired fields would rapidly propel the Company towards its stated production goals. As the Company pursues a detailed review of these potential asset acquisitions, Management will endeavour to provide periodic updates regarding their ongoing status.
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 www.americanpetrohunter.com
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