Austin, TX, March 8, 2013 (GLOBE NEWSWIRE) -- United American Petroleum Corp. (OTCBB:UAPC) ("UAPC" or the"Company") is pleased to announce that over the last forty-fivedays it has secured financing from two different funding sources,JMJ Financial and Asher Enterprises, Inc. JMJ Financial provided the Company $50,000 inconnection with a Promissory Note and may lend the Company anadditional amount up to $310,000 under the note. Asher Enterprises,Inc., via a Convertible Note, provided UAPC with $103,500 offunding at an interest rate of 8% per annum. Detailed informationregarding these funding initiatives can be found in the Company'srecent Form 8-K filing, filed with the Securities and ExchangeCommission on March 7, 2013. Michael Carey, Chief Executive Officer of theCompany, stated, "This funding affords the Company the opportunityto focus on its production efforts and allows us to expedite thescheduling of workovers on the Company's leaseholds. To date, wehave been extremely successful in increasing production throughworkovers of existing wells and will utilize these capitalcontributions to continue fulfilling our business objectives. Weare extremely pleased to have met the investors lending criteriaand are delighted to have them on board with us for potentialfuture endeavors." As a result of the funding, UAPC is pleased toannounce the immediate scheduling and preparation to beginworkovers on three leases: Merrick Davis, Lane Heady andCrouch. The Merrick Davis lease is 300+/- acres locatedin Shackleford County, Texas with acreage that will allow foradditional potential new drills in the future. There are currently12 oil wells producing approximately 6-8 barrels (BBLS) of oil perday on the Merrick Davis lease. The Company plans to performwellbore cleanouts, stimulations and replace outdated and brokenequipment to ensure all wells are back online and producing at highcapacity. UAPC estimates post workover gross production to beapproximately 15-20 barrels of oil per day.
Lane Heady is a 557 acre lease located in ErathCounty, Texas with 1 gas well to be worked over and room foradditional drills. The Company plans to perform wellbore cleanout,stimulations, and replace outdated and broken equipment to ensurethe well is back online and producing. UAPC estimates post workovergross production to be approximately 150-200 thousand cubic feet(MCF) of gas per day.Crouch is a 325 acre lease located in ErathCounty with 1 gas well and room for additional drills. Currentlythe well is not producing, but the Company plans to performwellbore cleanout, stimulations and replace outdated and brokenequipment to ensure the well is back online andproducing. UAPC estimates post workover grossproduction to be approximately 150-200 MCF of gas per day. Ryan Hudson, Chief Operating Officer of theCompany, stated, "During 2012, the Company significantly increasedproduction volumes to their highest levels in the Company's shorthistory and is further encouraged by its expected productionincreases of approximately 50-70% from planned workoversprocedures. With continued efforts to return current assets toproduction, we should be able to continue to increase monthlyrevenues, thereby solidifying the bottom line of United AmericanPetroleum Corp. On the whole, this financing supports the Companyin executing its corporate goals of growing shareholder value." Michael Carey also stated, "We continue toimprove UAPC's operations. The scheduled workovers on MerrickDavis, Lane Heady and Crouch should significantly advance ourproduction and growth, allowing United American Petroleum Corp. tosecurely establish a stable stream of revenue with a goal ofobtaining future profitability. We plan to workover in excessof 100 wellbores from various leases, which is consistent with our2013 business plan." For additional information regarding theCompany's operations, projects, management team and other valuableinformation, please visit the Company's web site at www.unitedamericanpetroleum.com.To be placed on the Company's master email list and receive futurepress releases, progress reports and developments, please send anemail to email@example.com or contact the Company at1-855-PETROL-1. About United American PetroleumCorp. United American Petroleum Corp. is an independent exploration,development, acquisition, production, and operating companyengaged in advanced exploration, drilling and completiontechniques to explore for, produce and develop domestic oiland natural gas reserves. The Company's strategycenters on increasing shareholder value through activelypursuing and developing high-potential acquisitions for drillingand production while maintaining a prudently managed balancesheet. The Company's current projects are inTexas, however, additional acquisitions may encompass activeplays throughout the United States.
Forward-looking Statements:This press release contains forward-lookingstatements concerning future events and the Company's growth andbusiness strategy. Words such as "expects," "should,""intends," "plans," "believes," "anticipates," "hopes,""estimates," and variations on such words and similar expressionsare intended to identify forward-looking statements. Although theCompany believes that the expectations reflected in suchforward-looking statements are reasonable, no assurance can begiven that such expectations will prove to have been correct. Thesestatements involve known and unknown risks and are based upon anumber of assumptions and estimates that are inherently subject tosignificant uncertainties and contingencies, many of which arebeyond the control of the Company. Actual results may differmaterially from those expressed or implied by such forward-lookingstatements. Factors that could cause actual results to differmaterially include, but are not limited to, risks associated withdrilling and production programs resulting from geological,technical, drilling, seismic and other unforeseen problems;unexpected results of exploration and development drilling andrelated activities; continued availability of capital andfinancing; increases in operating costs; risks associated with oiland gas operations in the United States; availability of skilledpersonnel; unpredictable weather conditions; and otherfactors listed from time to time in the Company's filings with theSecurities and Exchange Commission. The Company expressly disclaimsany obligations or undertaking to release publicly any updates orrevisions to any forward-looking statements contained herein toreflect any change in the Company's expectations with respectthereto or any change in events, conditions or circumstances onwhich any statement is based, except as otherwise provided by lawand also takes no obligation to update or correct informationprepared by third parties that are not paid for by the Company. Cautionary Note to U.S.Investors -- The United States Securities and ExchangeCommission permits oil and gas companies, in their filings with theSEC, to disclose only proved reserves that a company hasdemonstrated by actual production or conclusive formation tests tobe economically and legally producible under existing economic andoperating conditions. We may use certain terms in this pressrelease, such as "probable," "possible," "recoverable" or"potential" reserves among others, that the SEC's guidelinesstrictly prohibit us from including in filings with the SEC.Investors are urged to consider closely the disclosure in ourAnnual Report on Form 10-K and our other filings with the SEC at www.sec.gov before making any investment in the Company.
CONTACT: United American Petroleum Corp. Barry Gross +1 855-PETROL-1 firstname.lastname@example.org email@example.com