SCOTTSDALE, AZ -- (Marketwire) -- 08/11/10 -- American Petro-Hunter, Inc. (OTCBB: AAPH) ('American Petro-Hunter' or the 'Company'), today is pleased to announce the Company is finalizing plans to drill a horizontal oil well on the North Oklahoma Project leases located in Payne County, Oklahoma.
The new well is designated NO4H and planned as a minimum 2,000 foot horizontal exploiting the productive shale horizon intersected in previous drilling. The Company has reviewed the engineering package and concurs with third party estimates that the production potential of a successful horizontal well at the North Oklahoma Project could be between 1,000 and 1,200 barrels per day of light, high quality crude offering stable long life reserves and predictable production.
The operator and engineering team have reviewed the geological and geophysical data and have determined that the ideal location exists fully within leases collectively held by the working interest partners; therefore, by drilling on existing leases no additional farm-in costs will be incurred. Operational planning specifies approximately 30 days to survey the leases and commence site preparation along with completing the contracting process. The proposed timeline should allow for a spud date in mid-September.
Currently all efforts at the Project to prove the presence of a large shale reserve have been positive. Preliminary operations and initial drill testing of the potential within a 48 foot thick shale pay zone calculated to produce commercial quantities of oil have been successful to date.
Regionally, significant shale oil projects have been developed within the Bakken Formation which encompasses 200,000 square miles of the subsurface of the Williston Basin, covering parts of Montana, North Dakota, and Saskatchewan, Canada. A report by the USGS estimated the amount of technically recoverable oil within the Bakken Formation at 3.0 to 4.3 billion barrels. The state of North Dakota also released a report which confirms these numbers. Along with the Green River Formation which covers portions of Colorado, Wyoming and Utah, these oil shales indicate vast reserve potential. In Payne County Oklahoma, companies such as Devon, Chesapeake and Newfield have recently begun exploiting petroleum through horizontal wells.
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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