United Heritage Corporation Begins the Work Over of 15 Wardlaw Field Wells
01 4월 2008 - 2:31AM
Business Wire
United Heritage Corporation (NASDAQ: UHCP), a public company
involved in the development of medium gravity crude oil assets,
today announced that it has started the work over of 15 wells in
the Wardlaw Field. These are wells that have already produced oil
in the past and have become economical to operate under current
market conditions. Following each well work-over, the inflow rate
will determine whether to install new pumps or swab the well. Most
wells will be set up to swab with air injection and will be part of
a potential 80 well swabbing program, for which United Heritage is
awaiting regulatory approval. The Field cleanup recently carried
out in preparation for the commencement of the well work-over
program met the Railroad Commission of Texas� approval. The
re-commissioning of the Company�s own drilling rig and swabbing
unit will significantly reduced the work-over and operating costs
of the wells. Paul D. Watson, Chief Executive Officer of United
Heritage Corporation and chairman of its board of directors said,
�The short term primary focus of the Company is to increase
production from the existing wells and infrastructure. However,
this will not detract from the permitting and design objectives for
the enhanced recovery pilot that we expect to commence
implementation of in the second quarter 2008. We are additionally
reviewing technological advancements in pumps, chemicals, steaming
and others that will appropriately resolve the challenges of the
field.� 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. The oil is categorized as "medium crude," the
deposits are in the medium gravity range of heavy oil at 15-18 API
gravity. The Company believes that ultimate recovery could be in
the region of 20-40% range. Management believes its acreage has
always held valuable reserves, but the market conditions and proper
technology had not co-existed in the past to extract this shallow
low energy vast resource. Some oil production has already been
established from the field, and the Company expects to implement a
pilot program on this acreage during the third 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.
United Heritage (NASDAQ:UHCP)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
United Heritage (NASDAQ:UHCP)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
Glen Rose Petroleum Corp (MM) (나스닥)의 실시간 뉴스: 최근 기사 0
More United Heritage Corporation News Articles