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My limited knowledge on this company is that they used to be (may still be) into low fat beef products, but they have now decided to use the ranch as an oil field instead. News just released today indicates that they are sitting on 1.3 billion in upcoming revenues and they have successfully extracted 1800 barrels of oil to date. They have approximately 15 million shares and at 1 3/8, looks like a good deal to me. Thursday October 9 9:01 AM EDT Company Press Release United Heritage Corporation Announces First Oil Sales CLEBURNE, Texas, Oct. 9 /PRNewswire/ -- United Heritage Corporation (Nasdaq:UHCP) announced today that the Company has successfully tested the Klaeger Oil Retrieval System (``KORS''), producing 1,800 barrels of oil, which the Company is in the process of selling. KORS is a highly sophisticated mobile swabbing unit that allows the Company to produce approximately 5 barrels of oil per day per well from existing wells which lie outside the Alkaline-Surfactant-Polymer (``ASP'') production pattern in its South Texas oil field. This precludes the expense of installing pumps, tubing, and rods in the wells and running electricity to them. Because of the successful test, the Company will purchase the KORS unit and make it a permanent part of the Company's long-range oil production plans. ``The primary production method in the South Texas field, according to Surtek, Inc., independent petroleum engineering firm of Golden, Colorado, is the ASP flood, which they estimate will produce 25 barrels of oil per day per well. An additional method of oil recovery will utilize the KORS unit to augment oil production from already existing wells which are located outside the ASP pattern area,'' said Walter G. Mize, Chairman of the Board and CEO of United Heritage. ``The Company is currently expediting the ASP flood project. The KORS unit will also have a valuable place in the completion of wells that will be drilled in conjunction with the ASP project, as well as enhancing production from the existing outlying wells,'' Mize said. The Company's South Texas oil and gas field contains in excess of 10,500 acres in leases, which, according to J. R. Butler & Company, a Houston-based oil and gas consulting firm, have an estimated oil-in-place of 168,770,026(+/-) stock tank barrels. The evaluation of the field, provided to the Company by Surtek, is based on their estimate of 60% recovery (100,354,000 barrels); their estimated recovery cost of $7 per barrel; and an oil price of $19.40 per barrel. This evaluation shows an estimated future undiscounted net revenue of $1,320,219,000 and a present value, discounted at 10%, of $846,433,490. SOURCE United Heritage Corporation More news for referenced ticker symbols: UHCP, and related industries: oil/energy. | ||||||||||||
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