CLEBURNE, Texas, July 6, 2004 (PRIMEZONE) -- United Heritage Corporation (Nasdaq:UHCP) announced today that in the financial statement dated March 31, 2004 the Company auditors, Weaver and Tidwell, L.L.P., expressed concern about the Company's ability to continue as a going concern. Subsequent to that date the Company has achieved the following:
1) Completed a Private Investment in Public Equity ("PIPE") in excess
of $1,700,000. The funds were used to:
a) Implement what appears to be a successful nitrogen injection
procedure in the Company's Texas property.
b) Advance its program in the Company's New Mexico properties.
c) Retire a portion of the long term debt.
d) Pay the majority of short term obligations.
2) United Heritage Corporation increased the credit line with Almac
Financial Corporation to $3,000,000 and extended the maturity date
to April, 2005.
3) United Heritage Corporation continues to negotiate with potential
joint venture partners and others seeking strategic transactions.
Walter G. Mize, Chairman of the Board, President and CEO said, "United Heritage Corporation is making very positive steps, and we consider our current position to be advantageous."
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.