American Energy Production Completes Work on Ideco Rig

American Energy reports the first raising of the derrick on the Ideco drilling rig which is owned by wholly owned investee AMEP Strategic Investments Inc. The raising of the derrick, was the final step in the refurbishment program so the rig can now be moved to the first drilling location.

Charles Bitters, President of American Energy Production Inc., said, "The Ideco drilling rig has been completely re-furbished and the drilling rig derrick was raised the day before Thanksgiving. The drilling rig engines and torque converters ran and worked perfectly. The drilling rig derrick was raised and locked in place very smoothly for the first time since the rig was acquired."

Bend Arch Petroleum Inc. has begun moving the Ideco drilling rig to its twelve well properties, and will drill a 3,100 foot developmental well. This well will have four to five potential natural gas formations that could produce 300,000 to 500,000 cubic feet of natural gas per day. The company will use this relatively shallow well as a test before it attempts to drill to its maximum depth on a horizontal Barnett Shale natural gas well. This well will be used to work out any remaining issues with the rig that may occur before attempting a maximum depth effort with the rig.

Bend Arch Petroleum Inc. geologists have begun studying 3-D seismic maps from the recent seismic shoot to determine two Barnett Shale locations for the Oil America Group Limited Partnership Investor program.


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