The Company's Texas property has approximately 168 million barrels in place and believes that the application of this new recovery method will significantly enhance its ability to obtain oil from its reserve position. Significant research has been done to determine the feasibility of this recovery method. Other methods have proven successful, but it is hoped that the injection of nitrogen will cause greater success. Nitrogen injection has been used successfully in similar fields. Nitrogen is an inert gas that causes no harm to the environment, either surface or subsurface, and cannot harm any aquifers. The air that humans breathe is 78.03% nitrogen.
The initial phase will have 4 injection wells and 26 producing wells. The first phase may ultimately have up to 6 injection wells and up to 86 production wells. The total projected injection of nitrogen in the first phase will be approximately 100,000 standard cubic feet per day. This equals approximately 2,900 barrels of fluid injected per day.
"We are excited that this new technique could unlock the potential of our leases in the Val Verde Basin," said Walter Mize, United Heritage Corporation's Chief Executive Officer. "The field has tremendous potential, and due to the success of this technique in other areas, we are highly optimistic that its application here could substantially increase our ability to recover more reserves."
The Company plans to immediately implement this recovery procedure as soon as the permit is granted.
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