Shareholders Support United Heritage Corporation's Efforts
PR Newswire - September 21, 1998 07:16
CLEBURNE, Texas, Sept. 21 /PRNewswire/ -- United Heritage Corporation (Nasdaq: UHCP) announced today that it held its annual shareholders meeting September 16, 1998, at the company's Cleburne, Texas headquarters.
Of the 97,400,512 shares of common stock outstanding, 93,154,673 shares, or 95.64% voted at the meeting. All items on the company's July 29, 1998 proxy statement passed by wide margins. The shareholders re-elected United Heritage Corporation's Board of Directors, which includes Walter G. Mize, chairman and chief executive officer, C. Dean Boyd, Harold L. Gilliam, Joe Martin, and Theresa D. Turner. Other items approved were ratification of the company's 1998 Stock Option Plan, appointment of Weaver and Tidwell, L.L.P. as independent accountants for the company's fiscal year 1999 audit, and authorization for the Board to amend the company's Articles of Incorporation to permit a reverse stock split. All items were approved by at least a 99% margin.
Chairman Mize discussed the authorization for the Board to effect a reverse split of not less than 1 for 2, nor greater than 1 for 10, or to effect no reverse split. This particular issue had raised the most questions among shareholders. In addressing the issue, Mr. Mize quoted from the company's July 30, 1998 press release.
"As I said in our earlier press release, 'this does not mean that a reverse split is imminent or in the company's immediate plan. We are simply asking the shareholders in the proxy to authorize the board to consider a reverse split sometime in the future. The Board has no intention of making a hurried decision, and will only consider a reverse from a position of strength. Our ultimate decision may be to not reverse split the stock," Mize said.
In addition, Mize discussed activities at United Heritage's south Texas oil field, where the company is involved in a pilot project utilizing the Alkaline-Surfactant-Polymer ("A-S-P") flood method of oil recovery developed by Surtek Engineers, Inc., of Golden, CO. The discussion included a video presentation demonstrating the Klaeger Oil Retrieval Unit used in the field, charts from the Strain Consultants report (available on the company's web site) which detailed the layout of the 13-well pilot, and photographs of the pilot building and the mixing, injecting, and retrieval apparatus.
"As we sit here today at the annual shareholders meeting of United Heritage Corporation," Mize added, "the A-S-P pilot flood is going forward in the south Texas oil field. The company's goal is to establish the number of estimated proven undeveloped barrels of oil that it has in this field. The pilot will establish this as well as the estimated cost of recovery per barrel and the estimated time it will take to recover the reserves. Surtek will then give United Heritage a written report indicating these factors."
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.
Note: News releases and other information about United Heritage can be accessed at unitedheritagecorp.com or through ctaonline.com on the Internet.
SOURCE United Heritage Corporation
/CONTACT: Walter Mize, President & CEO of United Heritage Corp.,
817-641-3681; or Carl Thompson, CEO, or Mike Trueblood, Account Executive,
both of Carl Thompson Associates, 800-959-9677/
/Web site: unitedheritagecorp.com
/Web site: ctaonline.com |
