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UHCPC United Heritage (MM)

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Share Name Share Symbol Market Type
United Heritage (MM) NASDAQ:UHCPC NASDAQ Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

United Heritage Corporation Announces the Completion of the Lothian Oil Transaction

20/12/2005 1:00pm

PR Newswire (US)


United Heritage (NASDAQ:UHCPC)
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CLEBURNE, Texas, Dec. 20 /PRNewswire-FirstCall/ -- United Heritage Corporation (NASDAQ:UHCPC) announced today that it has entered into a Development & Participation Agreement with Lothian Oil Inc., effective immediately, under which Lothian Oil Inc. will provide all development funding for the New Mexico and Texas fields and will commit between $10-12 million between the fields commencing in January, 2006. At the Annual Shareholders' meeting of United Heritage Corporation, which took place on December 19, 2005, the shareholders voted overwhelmingly (95%) in favor of approving: * The sale to Lothian Oil Inc of 3,280,000 new shares of Common Stock at $1.05 per share and warrants to purchase an additional 8,720,000 shares of Common Stock at prices of $1.05, $1.12, and $1.25 per share; * The appointment of Ken Levy, CEO of Lothian Oil Inc., to the Board of United Heritage; * The appointment of Ken Levy as CFO and Secretary to the Company; * The authorization for a 1 for 3 reverse stock split; and * All other items contained in the Proxy Statement mailed to shareholders on or about November 30th, 2005. Lothian Oil Inc. is an oil and gas exploration and development company founded in 2004. Lothian exploits oil and gas properties that have recognized value. Headquartered in New York, Lothian has offices in Midland, Texas, Artesia, New Mexico and Aden, Republic of Yemen. Lothian currently operates oil and gas properties in the Permian Basis, New Mexico and the Republic of Yemen. United Heritage Corporation is an oil & gas exploration and production company based in Cleburne, Texas. Through subsidiaries it holds four leasehold properties totaling 30,500 acres in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico, that are estimated to contain in excess of 275 million barrels of remaining oil-in-place. The estimates of the company's oil reserves are forward-looking statements. 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. Many of these risks and uncertainties are identified in filings made by United Heritage Corporation with the Securities and Exchange Commission. United Heritage Corporation assumes no obligation to update these forward-looking statements, and does not intend to do so. Please refer to the risk factors and other information included in the Form 10-KSB and other filings filed by United Heritage Corporation with the Securities and Exchange Commission. Contact: United Heritage Corporation Walter G. Mize (817) 641-3681 (817) 641-3683 - Fax DATASOURCE: United Heritage Corporation CONTACT: Walter G. Mize of United Heritage Corporation, +1-817-641-3681, or +1-817-641-3683, Fax

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