Lane Heady is a 557 acre lease located in Erath County, Texas with 1 gas well to be worked over and room for additional drills. The Company plans to perform wellbore cleanout, stimulations, and replace outdated and broken equipment to ensure the well is back online and producing. UAPC estimates post workover gross production to be approximately 150-200 thousand cubic feet (MCF) of gas per day.
Crouch is a 325 acre lease located in Erath County with 1 gas well and room for additional drills. Currently the well is not producing, but the Company plans to perform wellbore cleanout, stimulations and replace outdated and broken equipment to ensure the well is back online and producing. UAPC estimates post workover gross production to be approximately 150-200 MCF of gas per day.
Ryan Hudson, Chief Operating Officer of the Company, stated, "During 2012, the Company significantly increased production volumes to their highest levels in the Company's short history and is further encouraged by its expected production increases of approximately 50-70% from planned workovers procedures. With continued efforts to return current assets to production, we should be able to continue to increase monthly revenues, thereby solidifying the bottom line of United American Petroleum Corp. On the whole, this financing supports the Company in executing its corporate goals of growing shareholder value."
Michael Carey also stated, "We continue to improve UAPC's operations. The scheduled workovers on Merrick Davis, Lane Heady and Crouch should significantly advance our production and growth, allowing United American Petroleum Corp. to securely establish a stable stream of revenue with a goal of obtaining future profitability. We plan to workover in excess of 100 wellbores from various leases, which is consistent with our 2013 business plan."
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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.