CORRECTING and REPLACING United Heritage Corporation Begins the Work Over of 15 Wardlaw Field Wells
01 4월 2008 - 3:39AM
Business Wire
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.
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