United Heritage Corporation Announces the Completion of the Lothian Oil Transaction
21 December 2005 - 12:00AM
PR Newswire (US)
CLEBURNE, Texas, Dec. 20 /PRNewswire-FirstCall/ -- United Heritage
Corporation (NASDAQ:UHCPC) announced today that it has entered into
a Development & Participation Agreement with Lothian Oil Inc.,
effective immediately, under which Lothian Oil Inc. will provide
all development funding for the New Mexico and Texas fields and
will commit between $10-12 million between the fields commencing in
January, 2006. At the Annual Shareholders' meeting of United
Heritage Corporation, which took place on December 19, 2005, the
shareholders voted overwhelmingly (95%) in favor of approving: *
The sale to Lothian Oil Inc of 3,280,000 new shares of Common Stock
at $1.05 per share and warrants to purchase an additional 8,720,000
shares of Common Stock at prices of $1.05, $1.12, and $1.25 per
share; * The appointment of Ken Levy, CEO of Lothian Oil Inc., to
the Board of United Heritage; * The appointment of Ken Levy as CFO
and Secretary to the Company; * The authorization for a 1 for 3
reverse stock split; and * All other items contained in the Proxy
Statement mailed to shareholders on or about November 30th, 2005.
Lothian Oil Inc. is an oil and gas exploration and development
company founded in 2004. Lothian exploits oil and gas properties
that have recognized value. Headquartered in New York, Lothian has
offices in Midland, Texas, Artesia, New Mexico and Aden, Republic
of Yemen. Lothian currently operates oil and gas properties in the
Permian Basis, New Mexico and the Republic of Yemen. 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. The estimates of the company's oil reserves are
forward-looking statements. These statements are based on
expectations and assumptions as of the date of this press release
and are subject to numerous risks and uncertainties, which could
cause actual results to differ materially from those described in
the forward-looking statements. Many of these risks and
uncertainties are identified in filings made by United Heritage
Corporation with the Securities and Exchange Commission. United
Heritage Corporation assumes no obligation to update these
forward-looking statements, and does not intend to do so. Please
refer to the risk factors and other information included in the
Form 10-KSB and other filings filed by United Heritage Corporation
with the Securities and Exchange Commission. Contact: United
Heritage Corporation Walter G. Mize (817) 641-3681 (817) 641-3683 -
Fax DATASOURCE: United Heritage Corporation CONTACT: Walter G. Mize
of United Heritage Corporation, +1-817-641-3681, or
+1-817-641-3683, Fax
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