USCR ( US CRUDE OIL AND GAS .07 ) STILL A PINKY, could not submitt symbol days away from relisting. Float 13 mil
Read this.. days away from relisting
5 mil funding in place
hundreds of wells to be broughton line
past weeks of hook-ups
Steamer to be tested in two weeks
current Q producing revenues
U.S. Crude Ltd. Prepares For Pilot Program Using Portable Steam Technology
REDLANDS, Calif., Mar 14, 2001 (BUSINESS WIRE) -- U.S. Crude Ltd. (Pink
Sheets:USCR) announced Wednesday that the portable steam unit ordered by
Southwest Oil Productions is being assembled and pictures of several critical
components will soon be available on the U.S. Crude Web site (www.uscrude.com).
The TM-96 Portable Steam Generator (U.S. Patent Numbers 6,129,148 and 5,979,549)
is a 10 million BTU unit capable of producing 500 degrees Fahrenheit steam and
delivering it to an oil formation in order to improve production.
Southwest Oil Productions ordered the TM-96 unit and has identified properties
upon which the technology will be applied. In previous ventures, the technology
used by U.S. Crude has increased the output of low-producing wells. With oil
prices at high levels, and projected to remain healthy for the foreseeable
future, the profit potential in steaming projects has increased.
Southwest Oil Productions is also pursuing an agreement with U.S. Crude to apply
its enhanced recovery technology to the Kern Bluff Oil Field, which has an
estimated recoverable reserve of more than 20 million barrels, $600 million
dollars worth of oil at today's prices.
Anthony K. Miller, U.S. Crude's President stated, "This pilot program will serve
as an excellent platform upon which the company will publicize and market its
steam technology. Kern County is an oil-rich area, and steam has proven to be
extremely effective in enhanced recovery efforts."
The company is awaiting funding from a $4.86 million United States Department of
Agriculture Rural Development loan. The final loan package has been submitted to
the Texas bank that is funding the loan, and U.S. Crude hopes to receive the
money in a matter of weeks. Once the money is received, the company will
endeavor to put all of its oil and natural gas wells online and fund the
manufacture of U.S. Crude's innovative steam and gas technologies.
U.S. Crude is still anticipating action by the NASD to have the company
re-listed on the OTCBB.
The Company
U.S. Crude is an oil technology and production company with more than 300
fully-equipped oil and natural gas wells on 8,780 acres of land in several
states. The great majority of these wells were acquired at favorable prices when
oil was valued at historically low levels. As the demand for energy has grown
rapidly, U.S. Crude is in a position to more fully utilize its oil and natural
gas leases. The company's long-term goal is to acquire 10,000 oil and gas wells
over the next eight years.
In addition, U.S. Crude will use its patented and patent-pending technologies to
rekindle marginally producing wells to profitable levels. The company holds the
license to the technologies and the rights to market the TM-96 Portable Steam
Generator, the TM-98 Portable Gas Repressurizing System and the TM-9 Deep Steam
System. These units, used separately or in conjunction with each other, provide
pressure needed to drive oil through a ground formation and improve the free
flow of crude oil.
Although major oil companies have used steam and gas technologies for years, the
TM series technologies provide a portability and low cost of operation not
previously available. Given the amount of unharvested oil in
under-industrialized economies, substantial international opportunities also
exist for this technology. For more information visit the company's Web site at
www.uscrude.com.
Safe Harbor
This news release may contain forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve a number of risks
and uncertainties, including the timely development and market acceptance of
products and technologies and other factors described in the company's filings
with the Securities and Exchange Commission. The actual results may differ
materially from any forward-looking statements due to such risk and
uncertainties. The company undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or circumstances that may
arise after the date of this release.
CONTACT: U.S. Crude Ltd., Redlands
Andrew Beyer, 909/796-4958
Toll Free: 888/US Crude
Fax: 909/796-4080
E-mail: pr@uscrude.com |
