CLEBURNE, Texas, June 14, 2004 (PRIMEZONE) -- United Heritage Corporation (Nasdaq:UHCP) announced today that its wholly owned subsidiary, UHC Petroleum Corporation ("UHC"), has received a permit from the State of Texas to inject 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 may unlock the potential of the Company's Texas property, which has approximately 168 million barrels of oil remaining in place.
The Company has already completed all of the site work, and has a nitrogen generator at the Field. All flow lines, electric line components and controllers have been installed. Well heads have also been installed. UHC is on schedule with the initial phase to have four injection wells and 26 producing wells. The Company is prepared, however, to increase the scope of the first phase to six injection wells and 86 producing wells. The total injection of nitrogen during the first phase can be approximately 100,000 standard cubic feet per day, or the equivalent of 2,900 barrels of fluid injected per day.
"We are excited that we were able to receive approval from the State of Texas so quickly," said Walter Mize, United Heritage Corporation's Chief Executive Officer. "Nitrogen is an inert, environmentally friendly gas, and with the actual injection of nitrogen imminent, we hope to unlock the potential of this Field. We have carefully developed the infrastructure to enhance our probability of success, as we believe that this technique, and the resulting production, has the potential to dramatically change the Company."
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-KSB and on its Quarterly Reports on Form 10-QSB.