CLEBURNE, Texas, May 18, 2004 (PRIMEZONE) -- United Heritage Corporation (Nasdaq:UHCP) announced today that its wholly owned subsidiary, UHC Petroleum Corporation, the leasehold owner of 10,500 acres in Edwards County known as the Wardlaw Field, has received an Economic Reserve Report from TEC Engineering Group, Inc., a leading energy services firm. This report established an estimated 26,934,000 recoverable barrels of oil out of approximately 168,000,000 estimated barrels remaining-in-place. The remaining-in-place number was based on log and core analysis. This May 4, 2004 report utilized $23.90 as the price of oil and established an estimated present value, discounted at 10%, of $175,749,000. This is a $45,816,000 increase over the report dated May 25, 2003, which established the value of the reserves at an estimated $129,933,000. The reserve report excludes the Company's New Mexico property.
Auditors for United Heritage Corporation have reviewed and accepted the May 4, 2004 report. The report will be utilized in completing United Heritage Corporation's annual audited financial statement as a footnote/off-balance sheet item. The financial statement will be included in the 10-KSB report for the period ended March 31, 2004.
About United Heritage Corporation:
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.