United American Petroleum Corp. Announces Results of Completed Workover on Its Lozano Lease in Frio County, TX
06 Septembre 2012 - 3:00PM
United American Petroleum Corp. (OTC Markets:UAPC)
is pleased to announce it has completed the scheduled workover and
acid stimulations to its Lozano lease in Frio County, Texas.
Previously, the Lozano lease produced approximately 5 bbls of oil
per day from its 3 existing wellbores. Currently, production from
the Lozano lease has increased and stabilized at a rate of
approximately 15 bbls of oil per day from the 3 existing wellbores.
Workover and acid procedures on the Lozano lease were completed on
budget at a total cost of approximately $70,000.
Newly appointed advisor Joe Gardner declared, "Through the
dedicated efforts of our management team, I am pleased to report we
have increased production on this location approximately three-fold
with a nominal cost for the workover procedures. The normal life
expectancy of these wells in their tertiary stage is approximately
5 to 10 years. Anticipated future plans for the Lozano lease
include testing to develop any additional potential pay zone
locations this property may have to offer. Typically, new drills in
this area come in producing up to 100 bbls of oil per day, and our
ability to exploit any new wells on the Lozano lease could yield
additional returns further contributing to the Company's growth and
success."
The noted workover activity, cost estimates and recent
production increases on the Lozano lease are consistent with
United's plans to workover approximately 150 well bores from
various leases in its portfolio of properties.
For additional information regarding the Company's operations,
projects, management team and other valuable information, please
visit the Company's web site at www.unitedamericanpetroleum.com. To
be placed on the Company's master email list and receive future
press releases, progress reports and developments, please send an
email to ir@unitedamericanpetroleum.com or contact the Company at
+1 855-PETROL-1
About United American Petroleum Corp.
United American Petroleum Corp. is an independent exploration,
development, acquisition, production, and operating company engaged
in advanced exploration, drilling and completion techniques to
explore for, produce and develop domestic oil and natural gas
reserves. The Company's strategy centers on
increasing shareholder value through actively pursuing and
developing high-potential acquisitions for drilling and production
while maintaining a prudently managed balance
sheet. The Company's main current projects are in
Texas, however, additional acquisitions may encompass active
plays throughout the United States.
The United American Petroleum logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8834
Forward-looking Statements:
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, risks associated with drilling and production
programs resulting from geological, technical, drilling, seismic
and other unforeseen problems; unexpected results of exploration
and development drilling and related activities; continued
availability of capital and financing; increases in operating
costs; risks associated with oil and gas operations in the United
States; availability of skilled personnel; unpredictable weather
conditions; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United
States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use
certain terms in this press release, such as "probable,"
"possible," "recoverable" or "potential" reserves among others,
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Investors are urged to consider closely the
disclosure in our Annual Report on Form 10-K and our other filings
with the SEC at www.sec.gov or from us at United American Petroleum
Corp., 9600 Great Hills Trail, Suite 150W, Austin, TX 78759.
CONTACT: United American Petroleum Corp.
Barry Gross
+1 855-PETROL-1
ir@unitedamericanpetroleum.com
info@unitedamericanpetroleum.com
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