SCOTTSDALE, AZ -- (Marketwire) -- 07/19/10 -- American Petro-Hunter, Inc. (OTCBB: AAPH) ('American Petro-Hunter' or the 'Company') is today pleased to report that completion of the No. 3 Well at the North Oklahoma Project is ongoing.
The Oklahoma well has been drilled to depth and casing set. A perforation of the 40 foot pay zone has been completed and the well is now undergoing acidization of the zone. As soon as swab rates have established the potential of the well through acidization of the formation, the Company and operator will decide whether fracture simulation ('frac') is required, or to put the well on pump in order to commence oil production and continue monitoring progress as the well stabilizes.
Given that the No. 1 well returned rates in the 75-85 BPD rates on simple acidization alone, the Company and operator believe that a similar technique may prove to be the most cost effective approach offering a direct path to R.O.I. and payback by establishing immediate production at the No. 3 Well and to elect the 'frac' option at a later date if required.
In Kansas, it was previously reported that the #3 Lutters well has commenced production as the second commercial oil well at the Poston Project. The well began producing oil over the weekend and Initial Production Rates will be reported shortly as the well has just been put on pump. The engineers have calculated from pressure data and pay zone thickness that the well should stabilize in the 80 to 100 BPD range and that the lease should shortly be producing over 110 BPD. The Lutters #1 and #3 wells are drilled in a Mississippi Dolomite formation identified by a 3D seismic high which pinpoints the oil bearing horizon. The 750 acre location offers two additional wells as offset drilling opportunities given the success of the #3 well.
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 and at the Rooney Project in Ford 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.
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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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