United Heritage & Dominion Expand JV in Val Verde Basin
United Heritage Corporation's subsidiary, UHC Petroleum Corporation, has elected to participate in an additional 1,555 acre oil and gas lease acquisition with Dominion Exploration & Production, under UHC's existing agreement covering mineral acreage in the Val Verde Basin in South Texas. This agreement gives UHC the right to participate as a working interest partner with Dominion, on a well by well basis, in the entire acreage which includes an Area of Mutual Interest.
On June 20, 2005, United Heritage Corporation announced that its subsidiary, UHC Petroleum Corporation, had assigned to Dominion 7,840 specific net acres out of its 10,502 acre oil and gas leasehold in Edwards County, Texas. Further, that the AMI encompassed approximately 12,800 acres. The depth limitation on UHC's assignment to Dominion was below 2000' feet. Texas Railroad Commission reports show substantial gas production in the Val Verde Basin area below the 2000' depth.
UHC's current oil reserves in the Val Verde Basin area are within the Glen Rose formation which is found above 2000 feet. These reserves consist of an estimated 168 million barrels of oil remaining in place, and an estimated 26,710,000 barrels of oil proved producing/proved undeveloped.
Walter G. Mize, Chairman of the Board of United Heritage Corporation,
said: "UHC is pleased to participate with Dominion in this additional acreage
which falls within the UHC/Dominion AMI. This move exemplifies the faith of
UHC in the possibilities of this prospect with Dominion. Dominion is one of
the nations largest energy related companies."
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Company: United Heritage Corporation more info
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