United American Petroleum Corp. Acquires Remaining 75% of Frio County Project
09 November 2011 - 1:00AM
United American Petroleum Corp. (OTCBB:UAPC.OB) is
pleased to announce it has purchased the remaining working interest
of the Lozano lease in Frio County, Texas, for a purchase price of
$160,000. This purchase will provide United with 100% working
interest in the Lozano lease, which should increase United's
revenues from this lease by three times. The project consists of 3
oil-producing wells sitting on 110 acres, with 20 acre spacing
allowing potential offset drilling locations.
The project lies within the Western Gulf Province, an area which
covers 116,599 sq mi., affording extensive data on several hundred
thousand oil and gas wells. To date, 2,518 significant oil and gas
fields comprising 3,883 reservoirs have been discovered in the
region.
Over the past 20 years, the oil industry has experienced
tremendous success in Frio County due to advances in oil-extraction
technologies which permits horizontal drilling extending the
primary producing formations, such as the Olmos B and Olmos D
sands, which range in depth from 3,100 feet to 3,600 feet. The
Austin Chalk, Navarro and Anacacho formations are also abundant in
the area. Untapped reserves within the region have been
demonstrated by the Kinder Morgan operated Yates Oil Field, which
has yielded over 1.4 billion barrels and is expected to further
produce 1 billion barrels.
Christian Negri, United American Petroleum's Chief Financial
Officer, stated, "This acquisition will augment our existing
production in our Frio County Project and will provide
the opportunity to exploit additional hydrocarbons on the acreage
acquired."
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: United American Petroleum Corp.
Barry Gross
+1 855-PETROL-1
ir@unitedamericanpetroleum.com
info@unitedamericanpetroleum.com
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