30-May-2007

Income Statement

All numbers in thousands PERIOD ENDING 31-Mar-07 31-Dec-06 30-Sep-06 30-Jun-06 Total Revenue -   -   -   -   Cost of Revenue -   (1) -   1   Gross Profit -   1   -   (1) Operating Expenses Research Development -   -   -   -   Selling General and Administrative 71   92   112   281   Non Recurring -   -   -   -   Others 2   2   2   2   Total Operating Expenses -   -   -   -   Operating Income or Loss (73) (93) (114) (284) Income from Continuing Operations Total Other Income/Expenses Net (2) 591   (2) (2) Earnings Before Interest And Taxes (75) 498   (115) (285) Interest Expense 2   2   2   2   Income Before Tax (77) 496   (118) (287) Income Tax Expense -   -   -   -   Minority Interest -   -   -   -   Net Income From Continuing Ops (77) 496   (118) (287) Non-recurring Events Discontinued Operations -   -   -   -   Extraordinary Items -   -   -   -   Effect Of Accounting Changes -   -   -   -   Other Items -   -   -   -   Net Income (77) 496   (118) (287) Preferred Stock And Other Adjustments -   -   -   -   Net Income Applicable To Common Shares ($77) $496   ($118) ($287)

About: American Energy Production, Inc.

American Energy Production Inc. is a Business Development Company. A BDC company is regulated under the 1940 SEC act. That act set out procedures by which a Company once it establishes a majority position in a Company can make a series of further investments in its 'investee.' A BDC company does not consolidate financial statements with its investees and each investee operates independently.

The value of a BDC is derived by adding the value of each of the investees. In the case of AMEP each investee's oil and gas leases and producing properties and equipment will be evaluated by a petroleum engineer and then the independent members of the Board of Directors of AMEP will use this information along with other relevant facts and arrive at a value of each investee and the complete BDC.

Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations expressed or implied by such forward-looking statements.

Contact:

American Energy Production Inc.
Charles Bitters, 210-410-8158
www.americanenergyproduction.com
or
Oil America Group Inc.
Joe Christopher, 972-386-0601
jchristopher@oilamericagroup.com
www.oilamericagroup.com

Source: Oil America Group Corporation

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