CLEBURNE, Texas, April 30, 2004 (PRIMEZONE) -- United Heritage Corporation (Nasdaq:UHCP) announced today that its wholly owned subsidiary, UHC Petroleum Corporation ("UHC"), has moved closer to injecting nitrogen for the attempted recovery of a greater portion of the "oil in place reserves" under its leases in the Val Verde Basin located in Texas. This recovery technique can unlock the potential of the Company's Texas property, which has approximately 168 million barrels in place.
The Company's counsel has filed the necessary application for permit to inject nitrogen with the Railroad Commission of Texas. The nitrogen generator has been ordered. It is expected to be received by May 25, 2004. This generator has been designed with the minimum specifications of producing 4,000 standard cubic feet per hour of nitrogen with 95% purity. (This equals approximately 2,900 barrels of fluid.)
UHC has completed the site work on the 26 production wells and the 4 injection wells to be used in Phase 1 of the project. All flow line and electric line components have been delivered to the field and should be installed by the end of April. Well controllers have been delivered to the field and should be installed by the end of next week. Wellheads should be installed by a similar time frame.
"We are extremely excited by this proven, but new technique for us," said Walter Mize, United Heritage Corporation's Chief Executive Officer. "Our Texas property has approximately 168 million barrels in place, and we feel that the application of this new recovery method will significantly enhance our ability to obtain a higher percentage of oil from our reserve position. Significant research has been done to determine the feasibility of this recovery method. Other methods have proven successful, but it is hoped that the injection of nitrogen will cause greater success. Nitrogen injection has been used successfully in similar fields. This event has the potential to dramatically change our Company."
United Heritage Corporation is an oil & gas exploration and production company based in Cleburne, Texas. Through subsidiaries it holds four leasehold properties totaling 30,500 acres in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico, that are estimated to contain in excess of 275 million barrels of remaining oil-in-place. Currently, 27.6 million barrels/oil and 4,750,000 MCF/gas have been classified proved producing/proved undeveloped reserves. United Heritage's National Heritage Sales Corporation subsidiary purveys a line of specialized premium meat products under the brand name Heritage Lifestyle Products(TM).
This press release may include forward-looking statements based on current expectations that involve a number of uncertainties. Details on the factors that could affect United Heritage Corporation's business and financial results are included in United Heritage Corporation's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K and on its Quarterly Reports on Form 10-Q.