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11-Jun-2007 MINERAL WELLS, TX--(MARKET WIRE)--Jun 11, 2007 -- American Energy Production Inc. (the "Company") (OTC BB:AMEP.OB - News) announced today its wholly owned subsidiary Bend Arch Petroleum Inc. ("Bend Arch") completed potential natural gas test on well #11-H on the 1,100 acre Padgett lease in Palo Pinto County, Texas. The Padgett 11-H Barnett Shale well has been fracture stimulated and after recovery of frac fluid the well is ready to deliver natural gas to the natural gas purchaser. A 160 pumping unit has been installed to move salt water and oil that will enable the continued production of natural gas. Preliminary production potential test show the Padgett 11-H will produce approximately 350,000 cubic feet of natural gas and 10 barrels of oil per day. Natural gas production will possibly increase as the well stabilizes after thirty to sixty days of operations. As previously reported AMEP recently received shareholder approval and withdrew its election to be a business development company. As a result, AMEP is now an oil and gas operating company whose business focus is the purchase, exploration, drilling and operation of oil and natural gas leases in the Fort Worth Basin and Medina County, Texas. Additionally, entities previously classified as portfolio companies of AMEP are now wholly owned subsidiaries.
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. Source: Oil America Group Corporation
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