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Micro-Cap Announces Details of New Oil & Gas Discovery in Kansas
By: AllPennyStocks.com News
February 10, 2010
Volatility in oil prices means jagged nerves for companies drilling for petroleum, but it may also make the search for oil much more interesting. One of those companies finding it so is Arizona-based American Petro-Hunter, Inc. (OTCBB:AAPH), whose flagship project these days is one located in Kansas, known as the Rooney Project.
In mid-February, just before President’s Day, the company announced what appeared to be a new and unanticipated reservoir in the state’s Ford County, a conclusion based on data resulting from the test of promising 3D seismic information. While drilling one well, an intersection of good oil and gas was found but some with little porosity. But AAPH management, showing some spunk, decided to keep at it, when the strike was achieved, in what is called the Mississippian St. Louis Formation.
Discovered in the early 1980s, just 30 miles west of Dodge City, Kansas, the 5,100-foot-deep field is comprised of 30 producing wells and 16 plugged and abandoned and dry wells. Producing wells vary from lows of 19 BPD to 185 BPD with gas rates in the 150 MMCF per day range.
Current estimates by AAPH engineers estimate this newly discovered potential to be in excess of three million barrels.
Founded in 1996, AAPH is of the opinion that alternative sources of energy are still things of the future, and that America must support increased domestic drilling to unearth significant and important new finds here at home. As a result, the company aims to explore, develop and produce oil and gas reserves in the continental U.S.A., thereby assisting the nation in reducing its dependence on foreign oil.
What’s more, any potential partner will have to share those values, using American capital, American workers and homegrown technologies to target, and exploit America’s vast wealth of untapped petroleum reserves.
Other projects to which the company has directed its efforts lay in the Crockett County area of West Texas, where AAPH has six wells producing up to 500 thousand cubic feet (MCF) of natural gas per day. Still other gas projects dwell near Sacramento, California, home to Union Island (271 Billion Cubic Feet), Vernalis (103 BCF)and McMullin Ranch (63 BCF).
The stock remains near its 52-week peak of 73 cents (achieved in late January), after dropping to 2.1 cents in the dreadful days of March 2009, when it seemed everything was slumping. The news of this latest find is something that should stimulate the market and even rouse the patriotic feelings of American investors, eager for good news out of the petroleum industry, to the point where they, too, take part.
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