SOURCE: Century Capital Markets
NEW YORK, NY--(Marketwire - Jun 30, 2011) - American Petro-Hunter (OTCBB: AAPH) has announced its first sale of oil from the company's horizontal well NOM1H and NOS122 in North Oklahoma to Sunoco slated to be completed on July 1st of this year.
The company states that at current levels, an estimated $4.2 million will flow to the company's books this year if oil prices stay at current levels. This number could increase dramatically if oil, as analysts predict, trends at over $100 through the end of the year.
As American Petro-Hunter is seeing success in Oklahoma, several other big names are increasing their exposure in the Oklahoma region as new horizontal drilling techniques have made this area a hotbed for new drilling projects. SM Energy Co (NYSE: SM), Copano Energy, LLC (NASDAQ: CPNO) and Occidental Petroleum Corp. (NYSE: OXY) all have significant assets invested in Oklahoma and are employing similar technologies to oil and gas retrieval as American Petro-Hunter.
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