United Heritage Corporation Adds Paul D.Watson as CEO and Chairman
04 Fevereiro 2008 - 11:00AM
Business Wire
United Heritage Corporation (NASDAQCM: UHCP), a public company
involved in the development of medium gravity crude oil assets
announced that on January 15, 2008, Paul D. Watson was named Chief
Executive Officer of United Heritage Corporation and joined the
Company�s board of directors as Chairman. The Company also
announced that Joseph F. Langston Jr. will remain as President,
Chief Financial Officer and a director, and has also been appointed
as Secretary. Mr. Watson, aged 56, is an oil and gas consultant,
developer, acquirer and financier with 34 years� experience at
public and private natural resources and energy companies
worldwide. For the past three years he has been the Vice President
of Exploration and a member of the board of directors at Energy 51
Ltd./Watch Resources Ltd., a Canadian energy corporation. Prior to
joining Energy 51 Ltd./Watch Resources Ltd., Mr. Watson was the
Vice President of Exploration at Trafina Energy. Mr. Watson has
also served as a consultant to numerous energy companies, including
Kelman Technologies, Inc., Reliance Engineering Group, Inc. and
Reflect Technology, Inc. Mr. Watson began his career as a junior
geologist in 1973 after earning his Bachelor of Science in Geology
at the University of Calgary, Alberta. Mr. Langston, previously the
Company�s interim Chief Executive Officer, interim President and
interim Chairman of the board of directors, as well as the
Company�s Chief Financial Officer, stepped down as interim Chief
Executive Officer and interim Chairman, effective January 15, 2008.
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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