American Petro-Hunter has acquired a 25% working interest in an oil play located in Oklahoma.
Pursuant to the executed Joint Operating Agreement, the Company has advanced funds totaling $52,125 for all costs in connection with the lease acquisition and for 25% of all costs for drilling an initial test well in exchange for a 25% working interest and 80% net revenue interest in the Prospect.
The Prospect, located in northern Oklahoma, has potential for high gravity light oil above 3800 feet and if successful, wells could produce in the 150 BPD range as anticipated Initial Production Rates. The play has the potential for a multi-well program on 40 acre spacing should the test well prove to be a success. Operations on-site have commenced with road construction and site preparations currently underway, and the Company has been advised that a spud date is predicted within several days subject to the impending arrival of the drilling rig.
Oil continues to trend higher pushed by strong oil demand from China offsetting concerns over high supply levels in the U.S. and around the world. The continued slide of the dollar has helped boost prices, which become cheaper for holders of other currencies. Further support for oil prices from Chinese demand data shows that oil imports to that nation reached near record levels last month and is expected to continue unabated.
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