Greg,
Your comment was about 11 months too soon but it looks to be right on the money at this point! This stock is obviously being aggressively accumulated at this point --- up 43% in the last three days.
Here's the news that sparked the runup IMO. The delayed reaction, IMO, was due to the buyers laying back to see what stock would come on the market after it didn't run up on the good news.
******************************************************************************
Surtek Issues Encouraging Report on A-S-P Pilot for United Heritage
PR Newswire - October 13, 1998 07:26
CLEBURNE, Texas, Oct. 13 /PRNewswire/ -- United Heritage Corporation (Nasdaq: UHCP) has received the following interim report from Surtek, Inc. regarding the Alkaline-Surfactant-Polymer (A-S-P) pilot program currently underway:
"Initiation of chemical injection into the Glen Rose formation of the
Wardlaw field occurred in August. Alkali, followed by alkali plus
surfactant and finally alkali plus surfactant plus polymer was injected
into the four injection wells for the nine day duration of the initial
testing without difficulty. By mid-September, the producing wells'
pumping equipment was installed and full operation of the pilot was
initiated. Following injection into all four wells of the A-S-P solution,
production from individual wells staged in one by one. By October 2, the
oil-water separators were filled with approximately 110 bbl of oil and oil
began to fill the sale tanks. During the next four days until October 6,
the controllers for the producing well pumps were individually programmed
so that they could pump continuously and about 100 bbl of additional oil
was produced. As of the morning of October 8, an additional 84 bbl of oil
had been produced for a total production of 340-bbl oil.
"We are very encouraged that we are able to inject into the reservoir
and it appears at this early stage to have the pore-to-pore displacement
necessary for the technology to work. The A-S-P solution is up to the
design concentration of 1,500 mg/l polymer and we see no signs of
injectivity problems. The performance implies that we are mobilizing oil
to the producing wells. Though most of the nine pumping wells produce
mostly oil, one well that initially produced more water than oil is now
producing more oil than water. This type of performance suggests the A-S-
P technology is working."
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. |
