That is a very good question. I am able to find no news releases of earnings since November last year, and don't even know what the status of their meat business is. Also, I am unable to find any filings in the Edgar database under the symbol UHCP or company name United Heritage. I don't know if they are filing under some other name or what??? Since they are a listed security, I must gather that they are filing, or they would be delisted by now??? If you can find any information on this, let me know. Anyway, the one quarter which I found news for was profitable (barely), and is listed below: (it does have a contact phone number on it, unlike the more recent releases, and I may be using it soon!)
United Heritage Announces Another Profitable Quarter; Surtek Evaluation Report Due in
November
PR Newswire, Monday, November 18, 1996 at 12:20
CLEBURNE, Texas, Nov. 18 /PRNewswire/ -- United Heritage Corporation
(Nasdaq: UHCP) today announced that second quarter revenues of $724,482
produced net income of $2,049 for the company, compared with revenues of
$319,458 and a net loss of $94,618 for the quarter ending Sept. 30, 1995. For
the first two quarters of its fiscal year, United Heritage revenues were
$1,425,123, producing a net income of $47,811, compared to $730,156 in
revenues and a net loss of $162,446 for the previous fiscal year's first two
quarters.
In regard to its South Texas oil field venture, United Heritage announced
that Surtek, Inc., will in all likelihood complete the evaluation of the field
by the end of November. As previously reported, Surtek released a letter
report in October that indicated their Alkaline-Surfactant-Polymer recovery
process is not only applicable to the South Texas oil field, but has the
potential to produce in excess of 60 percent of the oil-in-place, which has
previously been estimated at approximately 168,770,000 barrels. The October
report was not their final evaluation. Surtek estimated the cost to produce
the oil would be in the $7 per barrel range. Surtek further stated, "Using
the Sept. 30, 1996, posting for this oil of $18.70 per barrel, the net value
at the tank is $11.70 per barrel, resulting in an undiscounted net revenue to
Heritage's interest of approximately $1,185,000,000."
Surtek's evaluation, which the company expects to receive this month, will
formalize the estimated amount of oil which Surtek's testing indicates can be
recovered and will establish a value for that estimated recovery amount. This
evaluation will enable the United Heritage Corporation/Apex Petroleum, L.L.C.
transaction to be completed.
In addition, United Heritage announced that it had taken appropriate steps
to remove Madison Radio Group, Inc. from control of two West Texas radio
stations, following Madison's failure to meet its agreed-upon monthly note
payments to the company and evidence that Madison was not handling the radio
stations' activities in a businesslike manner.
"United Heritage took appropriate steps to see that the revenue generated
by the radio stations is utilized for proper purposes. This should not have
detrimental effect on United Heritage," said the company's chairman and CEO,
Walter G. Mize.
"Madison Group Associates, Inc. has not been released from its obligation
as guarantor of the $2,500,000 note due to United Heritage Corporation by
Madison Radio Group, Inc.," Mize continued.
SOURCE United Heritage Corporation
-0- 11/18/96
/CONTACT: Walter G. Mize, chairman and CEO of United Heritage
Corporation, 817-641-3681, or metro, 817-477-5324, or fax, 817-641-3683/
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:UHCP
United Heritage Corporation |
