Third graph, second sentence of release should read: 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 third quarter 2008 (sted 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). The corrected release reads: UNITED HERITAGE CORPORATION BEGINS THE WORK OVER OF 15 WARDLAW FIELD WELLS 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 reduce 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 third 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)
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United Heritage (NASDAQ:UHCP)
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