American Petro-Hunter's #1 Lutters Well to Produce Oil at Rates Over 100 Barrels per Day
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SCOTTSDALE, AZ, Jun 16 (MARKET WIRE) --
American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the
"Company") is very pleased to report that the Company has been informed
by the operator of the Poston Prospect, S & W Oil & Gas, LLC of Wichita,
that the #1 Lutters Well has been completed and the well will go into
commercial production this week.
Over a three-day period, the well completion crew swabbed oil following
perforation of the oil-pay zones. As time progressed, the well continued
to clean up and flow rates increased. The Company has been informed that
the calculated daily oil rate of production based on the work conducted
by the completion engineers was greater than 130 barrels of oil per day
(BOPD) and that the anticipated Initial Production Rates (I.P.R.) is
expected to exceed 100 BOPD. It is possible that the well may actually
average above or below this rate over time and the Company plans to
closely monitor production over the next 30 to 60 days and will report to
stakeholders with any updates as actual production occurs.
The pump jack has been delivered to the site and electricity was installed
last week. Weather permitting, commercial production should commence
today. Of note, due to the increased oil production expectation, an
additional storage tank may be required at the site battery in order to
allow for 600 barrels of oil storage capacity. N.C.R.A. (National Co-op
Refinery Assoc.) of McPherson, Kansas will purchase all production at the
Lutters lease.
About the Prospect:
The #1 Lutters well targeted oil production in the Mississippi Dolomite
and/or Cherokee sands. The location showed a significant 3D Seismic
anomaly pinpointing an oil bearing zone. In addition, the 750-acre lease
block has the potential for a multi-well program with 2 to 3 offset
locations possible to fully exploit the acreage. Engineering estimates of
the potential production from the indicated pay zone is between 35 and 100
barrels per day from a successful well. Full development of the field
could produce up to 400 BOPD of light oil. There is excellent
transportation and support infrastructure in the area easily supporting a
requisite storage tank battery at the location.
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.
- - - - - - - - - - - - - - - - - -
Robert McIntosh
President & C.E.O.
To find out more about American Petro-Hunter, Inc. (OTCBB: AAPH),
visit our website at www.americanpetrohunter.com
Investor Relations:
Bakerview Investor Relations, Inc.
1-888-521-7762
Email Contact
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