United Heritage Corporation Announces Passing of Former Chairman Walter G. Mize
31 Janeiro 2008 - 8:40PM
Business Wire
United Heritage Corporation (NASDAQ: UHCP) (the �Company�), a
public company involved in the development of medium crude oil
assets announced today the passing of its former chairman of the
board, Walter G. Mize. Walter Mize, who, in addition to Chairman,
had also been President and Chief Executive Officer of United
Heritage Corporation for more than 20 years, died on Saturday,
January 26, 2008. Chip Langston, President and Chief Financial
Officer of the Company said, �Walter touched many, many lives in
his work in real estate, oil business, banking, cattle-ranching
and, closest to his heart, the Christian Heritage Foundation.
Walter had been searching for some years for the right management
and ownership structure for United Heritage, and it is with
profound sadness that the new team at United Heritage will no
longer have the benefit of Walter�s knowledge to assist them in
realizing their current ambitions. We offer his family and friends
our sincerest condolences.� Walter Mize stepped down from the board
of directors of United Heritage Corporation on November 28, 2007.
About United Heritage Corporation United Heritage Corporation,
founded in 1981 and based in Midland, TX, is focused on the
development of on-shore oil and gas assets. The company has four
leases covering 10,500 acres in the Wardlaw Field located in
Edwards County, TX. A report received by the Company in 1984
estimated 168 million barrels of oil in place on the property. The
oil is categorized as "medium crude," the deposits are in the light
gravity range of heavy oil at 14-25 API gravity. The Company
believes that ultimate recovery could be in the region of 40%.
Management believes its acreage has always held great reserves, but
the technology to properly extract the reserves is still being
considered. Some oil production has already been established from
the field, and the Company expects to implement a Pilot on this
acreage during the second quarter of 2008. Private Securities
Litigation Reform Act Safe Harbor Statement: All statements in this
press release that are not statements of historical fact are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 as codified in Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including any projections of earnings,
revenue, cash or other financial items, any statements of the
plans, strategies, and objectives of management for future
operations, any statements regarding future economic conditions or
performance, statements of belief and any statements of assumptions
underlying any of the foregoing. These statements are based on
expectations and assumptions as of the date of this press release
and are subject to numerous risks and uncertainties, which could
cause actual results to differ materially from those described in
the forward-looking statements. The risks and uncertainties include
our limited capital resources and limited access to financing and
our ability to overcome negative publicity relating to the
restatement of our proved reserves. United Heritage Corporation
assumes no obligation to update these forward-looking statements to
reflect future events or actual outcomes and does not intend to do
so.
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