United American Petroleum Provides Update on Its Drilling Development Plan
April 15 2011 - 9:00AM
United American Petroleum Corp. (OTCBB:UAPC) would
like to provide an update on its drilling development program for
its Bastrop County, Texas operations. The Company's Gabriel Rosser
Project consists of two strategic phases. Phase 1, drill new
proposed locations and begin initial pressurization of existing
wells and Phase 2, continue development of undeveloped acreage on
the Gabriel lease, which from geophysics indicates an undeveloped
serpentine mound to the east of the existing Gabriel wells.
The Gabriel Rosser Project is a serpentine development and
re-pressurization operation consisting of two mounds, on adjacent
acreage; the Gabriel and Rosser lease. Phase 1 consists of new
development drilling in the Gabriel mound and secondary
pressurization of a developed Rosser serpentine mound. The Company
will continue to produce its Rosser #4 well and will equip the
Gabriel #9 well for immediate production. Upon completion, the
Company will drill the Gabriel #16 well, an offset and replacement
well, to the Gabriel #4 oil well. The expected initial production
is estimated to be approximately 100 to 200 BOPD and 50 to 100
MCFGPD. United is currently in the process of obtaining a permit to
drill the Gabriel #16 well.
The Gabriel #4 well initially produced at 426 BOPD from a 102
ft. thick serpentine section. The total depth for the new well
should be approximately 3,180 ft. and United expects serpentine
sections of 150 to 170 ft. thick. The Gabriel #16 location had high
surface geochemical hydrocarbon readings of 68 ppm (parts per
million). Currently, Gabriel #4 has 400 psi on casing, and 1,400
ft. of oil in casing above perforations at 3,050 ft. However, the
Gabriel #4 has water encroachment from the Austin Chalk
perforations below the serpentine and the Company will need to
isolate the water to optimize production from this well. Current
surface casing pressure is 400 psi, which is all natural gas.
In February 2010, oil was found in the Gabriel #4 well at a
depth of 1,320 ft., or 1,700 ft. above the perforations. As oil is
produced from the new Gabriel #16 well, gas released from the oil
will be used to begin gas pressure maintenance on a portion of the
mound complex. We believe an additional (2) wells could be drilled
near the Gabriel #4 and #16 locations.
United will need to hook up a compressor at the Rosser #2 well
and begin pressurization of the Rosser mound. This secondary
recovery gas injection produces from GAGD (gas assisted gravity
drainage) and has proven to be effective. This will begin to
pressurize the Rosser mound and increase production in the existing
Rosser #4 well once the squeeze has been completed. Upon
completion, the Gabriel #17 will be drilled near the Gabriel #4 and
Gabriel #16 locations. We believe an additional 2 to 3 wells could
be drilled on the Rosser mound.
Phase 2 consists of expanding the undeveloped portion of the
Gabriel lease. A surface magnetometer survey was run over the
Gabriel property. Serpentines traditionally have a strong magnetic
signature and many mounds have been drilled solely from
magnetometer surveys. The magnetometer indicated a magnetic buildup
in approximately 160 acres of the Gabriel lease between the Gabriel
#3 and Gabriel #4 wells.
Michael Carey, President of United American Petroleum said, "We
are very enthused with the results of the project and tests to
date. The completion techniques and utilization of the produced gas
to re-pressurize the zone makes this project unique in the sense
that we could actually reverse the traditional depletion curve and
produce more hydrocarbons at an increasing rate as the zone
re-pressurizes over time. With these techniques, coupled with the
potential for additional drilling locations, we feel this will
become a valuable asset to United as well as create a platform for
utilization in other areas with similar geological parameters."
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 unitedamericanpetroleum@grosscapital.com or contact Gross
Capital, Inc. at (361) 949 – 4999.
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 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: Investor Contact
Gross Capital, Inc.
Barry Gross
361-949-4999
unitedamericanpetroleum@grosscapital.com
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