Post by stormin on Sept 24, 2004 21:20:17 GMT -5
I have been adding these shares to my portfolio because I believe the company has great potential. Below is listed the latest PR. I also spoke to the CEO, Richard Biscan on the phone about their drilling prospects and he believes that the propects are very good. I believe the man may be a Christian, but I didn't find that out till I looked on the website and saw that he served on the board of Timothy Christian School. The stock was also recommended by Struthers Resource Tech Report who also recommended UPL at 1.40 and OILXF at .86.
www.americanstellarenergy.com
American Stellar Energy Project Update
Tuesday September 7, 9:10 am ET
CHICAGO, Sept. 7, 2004 (PRIMEZONE) -- The Company is pleased to provide an update on Phase one's first successful well, named ``1B McKinney''. Armen Energy Corp., the project operator, has completed a second successful enhancement technique on the well, which has achieved positive results. Armen is awaiting the completion of a permanent electrical service to the well pump over the next several days, whereby it will then begin to measure the ``Initial Production Rate.''
Furthermore, the company will initiate the drilling of its second well over the next couple of days. As previously mentioned, the target depth will now only be 1750 feet and will result in significantly reduced drilling and completion costs, which are now estimated at approximately $90,000 and may be further reduced by ``project of scale'' economics.
Armen has also initiated a ``Detailed Hyper-spectral Geophysical Survey'' encompassing the project acreage and is expecting to receive the completed survey map with detailed interpretation shortly. The objective of the survey will be to further optimize well targets for its continuous development strategy, which begins with a 10 well program, focused on developing the Pecan Gap Zone.
With continued success, 20 to 50 addition wells could be drilled on the existing acreage. American Stellar Energy intends to fully develop its interests in this prospect.
www.americanstellarenergy.com
American Stellar Energy Project Update
Tuesday September 7, 9:10 am ET
CHICAGO, Sept. 7, 2004 (PRIMEZONE) -- The Company is pleased to provide an update on Phase one's first successful well, named ``1B McKinney''. Armen Energy Corp., the project operator, has completed a second successful enhancement technique on the well, which has achieved positive results. Armen is awaiting the completion of a permanent electrical service to the well pump over the next several days, whereby it will then begin to measure the ``Initial Production Rate.''
Furthermore, the company will initiate the drilling of its second well over the next couple of days. As previously mentioned, the target depth will now only be 1750 feet and will result in significantly reduced drilling and completion costs, which are now estimated at approximately $90,000 and may be further reduced by ``project of scale'' economics.
Armen has also initiated a ``Detailed Hyper-spectral Geophysical Survey'' encompassing the project acreage and is expecting to receive the completed survey map with detailed interpretation shortly. The objective of the survey will be to further optimize well targets for its continuous development strategy, which begins with a 10 well program, focused on developing the Pecan Gap Zone.
With continued success, 20 to 50 addition wells could be drilled on the existing acreage. American Stellar Energy intends to fully develop its interests in this prospect.
