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Thursday October 30 10:10 AM EST
Company Press Release
United Heritage Corporation Puts Additional Wells Into Production
CLEBURNE, Texas, Oct. 30 /PRNewswire/ -- United Heritage Corporation (Nasdaq:UHCP) announced today that,
following the successful test of the Klaeger Oil Retrieval System (''KORS'') at the Company's South Texas oil and
gas field and the Company's purchase of the KORS unit, an additional 24 wells have been put into production
utilizing KORS technology.
''The favorable results the Company is achieving using the KORS unit hold great promise for increasing production
from existing wells outside the Alkaline-Surfactant-Polymer (''A-S-P'') flood pilot area,'' said United Heritage
President and CEO Walter G. Mize.
''In addition,'' Mize continued, ''the Company has made substantial progress on the 13-well A-S-P flood pilot
project. It is anticipated that this pilot will be put into full production in the not-too-distant future, possibly sooner
than previously expected.''
These two recovery methods, the A-S-P flood and the KORS unit, are being utilized in the South Texas oil and gas
field that was acquired by the Company February 11, 1997. The field contains approximately 10,500 acres in leases
and has been the subject of two major studies. A study conducted by J. R. Butler & Company, Houston oil and gas
consultants, estimated that the field has 168,770,026 barrels of oil-in-place. Surtek, Inc., a Colorado petroleum
engineering firm employed by the Company to provide an evaluation of the field, reviewed and accepted the J. R.
Butler study, then performed a series of laboratory tests which concluded that the A-S-P method of recovery would
produce an estimated 60% of the oil-in-place, or approximately 100,354,000 barrels. Surtek's estimated cost of
recovery for this oil is $7 per barrel and, utilizing an oil price of $19.40 per barrel, their evaluation shows an
estimated future undiscounted net revenue of $1,320,219,000 and a present value, discounted at 10%, of
$846,433,490.
SOURCE United Heritage Corporation
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