United Heritage Corporation Seeks Additional Prospects
CLEBURNE, Texas, Dec. 8 /PRNewswire/ -- United Heritage Corporation (Nasdaq: UHCP - news) announced today that it is actively reviewing existing fields that are on the market where the Alkaline-Surfactant-Polymer recovery method (''A-S-P'') may have an application.
United Heritage Corporation introduced the A-S-P method of recovery into its south Texas oil field and is currently producing a 13-well pilot project. This field has 168,000,000 barrels of oil-in-place. The pilot project will establish the ''proved undeveloped'' reserves for financial disclosure purposes.
The majority of the fields being reviewed by the company are expected to be A-S-P recovery friendly, and may also be suitable for other methods of recovery the company or its management has utilized, including the Klaeger Oil Retrieval System, cyclic air injection, steam flood, water flood, and in situ combustion.
Walter G. Mize, chairman and CEO of United Heritage, said, ''As United Heritage has moved forward utilizing A-S-P technology to recover shallow oil reserves in its south Texas oil field, the company anticipated other opportunities would become available as a result, and this is materializing.''
The opportunity that exists in this arena was also recognized by the area supervisor from the Texas Railroad Commission.
''While discussing the company's operations at the south Texas field, the Railroad Commissions supervisor made reference to the many fields that this method of recovery may make recoverable in Texas alone,'' said Mize. ''In addition, he expressed his pleasure with United Heritage's field, stating that it was the 'best-looking oil field operation he had seen in some time.''
The company is reviewing prospects outside of Texas, also.
The deep gas potential of the south Texas field is currently being researched by J.R. Butler & Company, independent oil and gas consultants of Houston, Texas. Regional geological maps are being prepared, and the availability of existing seismic lines has been determined. J.R. Butler expects to complete the review and assessment of existing data in February 1999. At that time, the decision whether to shoot additional seismic will be made by company management.
Based in Cleburne, Texas, United Heritage is an oil and gas exploration company with 10,500 leasehold acres in the Val Verde Basin of south Texas. The original oil-in-place in those leases was first estimated by J.R. Butler and Co., independent oil and gas consultants in Houston, Texas, to be 168 million barrels of crude oil in the upper zone alone, only 300 feet from the surface. Independent engineering studies by Golden, Colorado-based Surtek, Inc., indicate that the A-S-P flood method of recovery can produce an estimated 60% of the oil-in-place, or more than 100 million barrels. Surtek is considered an industry expert in the successful use of the A-S-P process in fields around the world, including Daqing, the largest oil field in China.
Except for historical financial information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties including but not limited to such factors as market demand, pricing, and changes in worldwide economic conditions.
News and other information on United Heritage Corporation can be accessed at www.unitedheritagecorp.com on the Internet.
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John,
Wondering if you have looked at this one recently. A lot has happened in the last year and the stock finally seems poised to break out over $1. |
