AUSTIN, Texas, Sept. 6, 2012 (GLOBE NEWSWIRE) -- 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 firstname.lastname@example.org 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV