the news just came is. they started drilling. i'm guessing it goes up a couple pennies today so going to try to buy more at open if i can get for .07 or less. i only have 13k cash in my acct and will go all in. fockers won't let me use margin for this one.
American Energy Production Inc. Announces Investee Bend Arch Petroleum Inc. Begins Drilling Operations with Ideco H-40 Drilling Rig
January 18, 2006 08:00:09 (ET)
MINERAL WELLS, Texas, Jan 18, 2006 (BUSINESS WIRE) -- American Energy Production Inc. (AMEP, Trade) announced today the beginning of drilling operations by Bend Arch Petroleum Inc. with its Ideco H-40 drilling rig.
Surface casing has been set and cemented on Bend Arch Petroleum 12 well Palo Pinto lease Hart #8 well. The H-40 drilling rig will begin drilling out from under surface pipe on Thursday January 19. Originally this well was scheduled to be a 3,500 foot Strawn sand natural gas well to test several shallow sands and also to evaluate the Ideco H-40 drilling rig. However, after beginning drilling operations management decided a deeper test to the top of the Ellenberger formation would be a more viable use of resources for two reasons.
The first reason is the Company recently completed an extensive 3-D seismic study on 2500+ acres, consisting of two tracts, in Central and North Central Palo Pinto County, Texas and to help evaluate the
3-D seismic shot, a sonic log needs to be run to the top of the Ellenberger formation to help tie the mapping of the faults together. The second reason to drill a deeper test well is the possibility that a Barnett Shale or Marble Falls formation or a Bend Conglomerate formation well can be successful. After electric logging is completed the well will be evaluated to determine if the well will be horizontally drilled in the Barnett Shale formation.
