SOURCE: IO NewsWire

IO NewsWire

May 09, 2011 07:30 ET

Oklahoma's Woodford Shale Receiving Increased Attention as Oil Prices Spike

NOTE TO EDITORS: The Following Is an Investment Opinion Issued by the IO NewsWire

NEW YORK, NY--(Marketwire - May 9, 2011) - As oil prices continue to trend near or over $100 dollars a barrel, increased domestic production begins to become more profitable and increased attention tends to fall on proven oil producing areas. With the growing popularity of new horizontal drilling and fracking techniques, Oklahoma's Woodford Shale is becoming an increasingly lucrative oil and gas play.

Oklahoma, which has seen a significant increase in interest during each of the oil booms (Early 1900s, 1960s and mid 1970s-1980s), has several major players in the oil industry actively drilling in the state. Devon Energy Corp. (NYSE: DVN) has over 85 wells in Oklahoma. SandRidge Energy Inc (NYSE: SD) based in Oklahoma, has significant drilling interests across the state, and Chesapeake Energy Corp. (NYSE: CHK) one of the worlds largest and most active drillers has been increasing its footprint in Oklahoma through acquisition.

Cashing in on Oklahoma's oil and gas boom, American Petro-Hunter Inc. (OTCBB: AAPH) has acquired a varied working interest in seven lease blocks over 3,400 acres in Payne County Oklahoma, located in the northern part of State. Currently, the Company has drilled, completed and put into production 2 vertical wells with a 3rd well of commercial viability coming online shortly in the Woodford Shale and Mississippi Limestone. This past week the company announced the commencement of a "multi-stage surge frack" regarded as the final event in the completion process at its NOS227 well in Northern Oklahoma. American Petro-Hunter is estimating 300 BOPD post-frack. This will help the company reach its announced goal of becoming a 1000 BOE producer. For more information, please visit www.americanpetrohunterinc.com

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