3SOF

Mostly green in the portfolio today.

I think AMEP is ready to go!! Patience is paying off ( I hope)

Quote from: basanlas on August 01, 2005, 09:46:11 AM
Mostly green in th eprotfolio today.

I think AMEP is ready to go!! Patience is paying off ( I hope)

Agreed- Now If we can just get that killer news release Tommorrow or Weds with the Well production numbers we have been waiting on.  then She will really take us for a flight

Oil closed at a new all time closing high and AMEP.OB continued to move towards resistance, away from support.

Support for tomorrow will be at $0.018 and resistance at $0.025. Where will AMEP.OB be quoted when oil reaches $80 a barrel?

This penny stock is increasing volume day by day, someday it will explode on the upside.

 

American Energy Production Inc. Announces Success on Re-Start of Uni-Draulics Jet Pump on Bend Arch Petroleum Inc. Nash 1-C Barnett Shale Well
Tuesday August 2, 9:00 am ET

MINERAL WELLS, Texas--(BUSINESS WIRE)--Aug. 2, 2005--American Energy Production Inc. (OTCBB:AMEP - News) announced today its wholly owned investee Bend Arch Petroleum Inc. began re-start operations of a uni-draulics jet pump on the Nash 1-C Barnett Shale well.

Charles Bitters, President of American Energy Production Inc. stated, "Bend Arch Petroleum Inc. began successfully producing the Barnett Shale well on Friday, July 29, after exchanging the complete down hole jet assembly and production tubing. The Nash 1-C is still not stabilized but on Monday August 1, the well produced in excess of 20 barrels of high gravity oil and 100,000/cubic feet of natural gas. At today's market price of $60.00/barrel for oil and $8.00/mcf of natural gas this would be approximately $1600.00/day or $48,000.00/month or $570,000.00/year gross revenue. This will add a very nice piece to the Bend Arch Production Inc. income. The company will post more results once the well has a chance to stabilize therefore giving a clearer picture as to the future of the Nash 1-C well."

The installation of the uni-draulics jet pump on the Nash 1-C well instead of a conventional pumping unit will move more oil and produced water from the well bore faster and more efficiently than the conventional pumping unit.

Charles Bitters also stated, "Bend Arch Petroleum Inc. has accumulated over 7,000 acres of leases that have potential Barnett Shale production. Oil America Group Inc. of Dallas, Texas another 100% owned investee of AMEP plan to offer drilling partnerships to potential investors to drill Barnett Shale wells on the above mentioned properties in the near future. Oil America Group Inc. will begin offering these partnerships in the next two weeks. For more information contact Joe Christopher at Oil America Group Inc."

The preliminary well numbers are finally here.. I'm sure the market will like the report especially with the higher share price base to move up from here.. lets break that ascending triangle!

Thanks for posting the good news la-onda 

Technically AMEP.OB made an early morning rally to the $0.025 resistance level and then pulled back. Volume was pretty solid, of 22 million shares.

Something's got give this month, the support or the resistance. I bet, on volume, chart pattern behavior and oil price fundamentals, the resistance will break.

For today support will be at $0.0182 and resistance stands at $0.025.

AMEP.OB is still stuck between support and resistance lines. Support for today will be at $0.0185, resistance at the usual $0.025.

AMEP.OB clearly needs oil to break to new highs for it to break the resistance too.

The support mentioned was the exact low on AMEP.OB, before a minor recovery. The stock is technically perfect. I'm a bit afraid this breaks down you know, the rallies to resistance are being made with lower and lower volumes.

I won't sell anyway, because with such a low market cap I don't believe this stock won't push higher (a lot higher), with the current and upcoming bubble in oil prices, and with the favorable environment in Washington for national oil production.

Support for today is $0.0186, resistance $0.0249.

On the dips to low resistance I continue to accumulate. Oil and NG is no where near a top. I wouldn't be surprised to see the $80 level reached by years end.. NG is continuing to go up as well. NG will not experience its dip in August this time around. The summer heat has taken care of that....

China and India still in pursuit of the Wests ways seeing  more and more vehicles on the road. The hurricane season is expected to be bad again this season. Any glitches in production and up oil goes.

IMHO anything under 2 cents is a major steal considering the stock traded over .05 cents last year with much cheaper oil prices. We could easily see a shareprice over 10 cents  and form a base from there for additional upward momentum!!!

We shall see!!!!!

Thanks for your post aitech61 

AMEP.OB is still near support, this thing doesn't have much more time to decide: up a lot or down a little (I don't believe AMEP can go down a lot with the speculation around oil prices).

Even if the stock breaks the short term ascending trendline I will continue to hold it.

My bet is this stock will go up tenfold as oil reaches $80 a barrel and I'm willing to take some risk for this outcome to happen. Though I have just 3.33% of the 3 SOF Portfolio in it.

Have to read this excellent article about the Barnett Shale right in AMEP's own backyard

http://www.aapg.org/explorer/2002/07jul/barnett_shale.cfm

Thanks for the article TRUNK, very interesting indeed.

Regarding AMEP.OB, I was afraid this thing could happen. The stock broke slightly the ascending trendline, putting me and all other technical traders in doubt. But, if we consider after hours trading where more than 1 million shares of AMEP.OB were traded, the stock closed up 4%, clearly above the ascending trendline.

Yesterday I've made a mistake, selling ELN too soon, because of a milimmetrical break of the ascending trendline. I'm not going to do this mistake again, so I'll wait for a more definitive technical signal from AMEP.OB.

With oil pushing higher above $64 it doesn't make any sense for AMEP.OB to be down. I still believe AMEP.OB will be up 5 or 10 fold if oil makes it to $80. And I'm willing to take some risk to see if this outcome prevails, after all, I have just 3.33% of capital on this penny stock.

Still nothing definitive on the technical front for AMEP.OB. NY Crude futures closed at $63 a barrel and there's a bull market in oil.

I believe it is just a matter of time for AMEP.OB to push higher above the all important resistance level at $0.025. I'll hold the stock through tomorrow's session.

I didn't mind todays action so much.  I am actually looking to load the truck at the 50 dma (.0174). I doubt it gets there but will have powder allocated for it. The 13dma crossed over the 50dma in mid June and it is not unusual to see a daily test of the 50dma.

Actually I have, in the past, made good money riding the bounce then propelling to higher highs (for AMEP to break through that .025 resistance). Oil prices will be a one of the major catalysts for this. I will get concerned if it dips below the 50dma on heavy volume. A quick crossover will not concern me..

If this was last year I may be a little more concerned. This year though, with the momentum of oil prices on an upward trend along with AMEP's latest events, I  look at this as an opportunity. The news from July 6 and August 2 was quite positive especially after the new energy legislation being signed into law. Improving existing well production will be a major emphasis of many a oil producer out there.

Patience is the key to huge rewards on stocks like AMEP, while the wait may not be so long!! After the super PR's of July 6th and August 2, the next good PR could send AMEP off to the races.

We shall see!!!!

Press Release Source: American Energy Production Inc.

American Energy Production Inc. Announces Success on Re-Start of Uni-Draulics Jet Pump on Bend Arch Petroleum Inc. Nash 1-C Barnett Shale Well
Tuesday August 2, 9:00 am ET

http://biz.yahoo.com/bw/050802/25312.html?.v=1

American Energy Production Inc. Announces Positive Testing Results with AMEP HOA-800
Wednesday July 6, 8:01 am ET

http://biz.yahoo.com/bw/050706/65289.html?.v=1

Hope your right Aitech.. Amep is currenly the only stock I own.. 75% in Amep and 25% Cash

Call it intuition or call it stupidity, but I'd like to think I have a clue