Included in the purchase are 10 natural gas wells producing from either the Bend Conglomerate or Strawn formations. These 10 natural gas wells need to be re-worked and re-stimulated to achieve maximum productive potential. One advantage of this oil and gas lease is a natural gas gathering system and water lines that are connected over the entire property.
This 1116 acre property is located about 10 miles South of the Bend Arch Petroleum Inc. 12 well Palo Pinto Project where on July 18th the Company completed a Barnett Shale oil and gas well that to date has produced over 5500 barrels of oil and 12,000 MCF of natural gas. Geological information of the area indicate a very similar Barnett Shale structure is located on this property that compares to the Barnett Shale structure on the 12 well project. This property has the potential for 15-20 Barnett Shale oil and gas wells and more than 20 Bend Conglomerate or Strawn Formation natural gas wells.
Charles Bitters, President of American Energy Production Inc. stated, "Bend Arch Petroleum Inc. has accumulated over 8,000 acres of leases that have potential Barnett Shale production. The Company is very aggressive in locating and acquiring leases in the Barnett Shale area with the plan to drill and produce these properties while the prices of natural gas and oil are at record levels."
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