United American Petroleum Corp. Acquires 100% Working Interest of McKenzie Lease in Pecos County, Texas
January 05 2012 - 9:00AM
United American Petroleum Corp. (OTCBB: UAPC.OB)
announced on its 8-K Filing of December 5, 2011, it has acquired
100% working interest in the McKenzie lease in Pecos County, Texas,
for a purchase price of $550,000 and 50,000 shares of restricted
common stock. The project consists of one oil-producing well at a
depth of 11,800 feet on 186 acres, and should add approximately
$14,400 per month in oil revenues for United.
Tremendous success in the area has been demonstrated by Kinder
Morgan Production Company, which has yielded 1,864 oil-producing
wells. To date, 16,079 reservoirs have been discovered in the
region affording extensive data on several oil and gas wells. Over
10 million barrels of oil were produced in the area in 2010.
The well is currently offline due to the discovery of a hole in
the tubing and will require a minor work-over. The faulty section
will be pulled, replaced, and is expected to produce an estimated 8
- 10 bbl per day, which was its most recent production rate prior
to developing the hole in the tubing. In addition to the production
from this current zone, several additional horizons (which are
productive in the area) have been identified in the McKenzie well,
which could be tested and potentially produced in the future.
Christian Negri, United American Petroleum's Chief Financial
Officer, stated, "One of our integral models, which UAPC was
founded upon, is the acquisition of oil-producing properties with
exploitation opportunities. With that being said, UAPC is pleased
to announce the acquisition of the JF McKenzie State #1 well. With
the current production of this well, along with its booked reserves
and "behind-pipe" potential, we believe it will be a key asset for
the Company's portfolio. In combination with its current
developments and production, the Company believes it is well
positioned for rapid expansion."
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 Investor
Relations 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, changes in the Company's business; competitive
factors in the market(s) in which the Company operates; risks
associated with oil and gas operations in the United States; 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 filings with the SEC.
CONTACT: United American Petroleum Corp.
Barry Gross
+1 855-PETROL-1
ir@unitedamericanpetroleum.com
info@unitedamericanpetroleum.com
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