United Heritage Corporation Completes the Work Over of the First 20 Wardlaw Field Wells
17 Junho 2008 - 9:00AM
Business Wire
United Heritage Corporation (NASDAQ: UHCP), a public company
involved in the development of medium gravity crude oil assets,
today announced that as a result of work over activity in the
Wardlaw field and the implementation of its first production
enhancement program production has increased to an average of 20
barrels of oil per day, which compares to an average production for
2007 of 3 barrels of oil per day. Twenty wells have been subject to
a work over program of which 10 have been put into production and
the balance await the receipt of additional production equipment.
An application for a Production Swabbing License was heard by the
Texas Railroad Commission (�TRC�) on May 9, 2008 at a full hearing
to which an objection was received. The Company expects to hear the
ruling of the TRC by the end of August 2008. The Company�s
application for Swabbing License was for 76 wells and could
significantly add to production capability of the field if so
granted. In the absence of the Swabbing License the company has
also initiated a Nitrogen Injection Enhanced Oil Recovery Program
that currently includes 1 injector and 5 producers. This program is
in the process of being expanded to 3 additional injectors and a
further 12 to 15 producers. The enhancement program involves the
heating and pressurization of nitrogen, which is then injected into
a 1.25 acre spaced 5 well spot production area situated in the area
of current activity. So far we have experienced significant and
sustained pressuring of the reservoir in the area of the flood and
production has risen from an historic �-1� barrel per day per well
to 3 to 4 barrels per day per well. Currently, these production
numbers continue to increase as we achieve optimum pressurization
and optimum equipment balance. Paul D. Watson, Chief Executive
Officer of United Heritage Corporation and chairman of its board of
directors said, �Our short term primary focus continues to be to
increase production from the existing wells and infrastructure
despite the lack of our Swabbing Licenses. We are very encouraged
by the preliminary results of our Nitrogen flood as we have been
able to increase sustainable production from a relatively small
number of wells with this enhanced production and work over
program. We are in the process of preparing permit applications for
12 new wells which will substantially increase our knowledge, not
only of the area of activity, but of the field as a whole. We are
debt free and have funds available to carry out our future drilling
efforts and new Nitrogen injection programs.� About United Heritage
Corporation United Heritage Corporation, founded in 1981 and based
in Dallas, 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 published
by J.R. Butler & Co. in 1984 concluded that there is
significant oil in place on the property. The oil is categorized as
"medium crude", the deposits are in the medium gravity range of
heavy oil at 15-18 API gravity. Management believes its acreage has
always held substantial oil reserves and is now applying what we
believe to be the necessary technology to properly extract the
reserves. Some primary oil production has already been established
from the field. 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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