United Heritage (NASDAQ:UHCP)
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From Jun 2019 to Jun 2024
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.