American Energy Production Inc. Announces Potential Sale of Subsidiary

Share: 

Mineral Wells, TX --(www.USEquityNews.com)-- 03/04/2010 - American Energy Production Inc. (OTCBB: AENP) announced today that it has signed a term sheet with a Calgary energy company Emerald Bay Energy Inc. and a private concern to buy its wholly owned subsidiary Production Resources Inc. The two entities will pay a combination of Emerald Bay Energy stock and cash for a total of $850,000.00 US. The sale will include all of the PRI lease acreage and equipment.


American Energy Production Inc. will retain a 1% overriding royalty on any oil or natural gas found below 1200 feet deep.

Charles Bitters, President of American Energy Production Inc., stated, "AENP decided to sale the PRI property and equipment to concentrate on its other oil and natural gas operations in North Texas and also to develop the Gold property in California."

More information on the sale will be forthcoming in the next few days.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations expressed or implied by such forward-looking statements.

Contact Information:
American Energy Production Inc.
Charles Bitters
940-445-0698
http://www.americanenergyproduction.com
or
Oil America Group Inc.
Joe Christopher
972-386-0601
Jchristopher@oilamericagroup.com

U.S. Equity News
Tel: (626) 961-8039
Email: info@usequitynews.com

Comments:
Disclaimer: User Comments do not reflect the views of US Equity News, and we are not responsible for the content of users' comments. We also reserve the right to edit or delete comments to our discretion.

---