United American Petroleum Corp. Announces Increased Production From Its McKenzie Lease in Pecos County, Texas
Press Release : United American Petroleum – Thu, May 3, 2012 9:00 AM EDT AUSTIN, Texas, May 3, 2012 (GLOBE NEWSWIRE) -- United American Petroleum Corp. (OTC Markets:UAPC) is pleased to announce that sustained production from its McKenzie well located in Pecos County, Texas has been achieved. Upon initial return to production, the well produced 32 bbls of oil per day. The Company has successfully choked the well back to a sustained 16 bbls per day to help alleviate potential mechanical and downhole issues from producing the well too hard.
The sustained production of 16 bbls per day is on a timer to reduce operating costs and prevent maintenance issues. The Company is continuing to monitor the well to assess whether a 'stair stepping' process can be utilized to increase the amount of time the well pumps on a daily basis, which could further increase production.
Michael Carey, President and CEO of United, stated, "We are excited about the results from the McKenzie asset, which even with the current sustained production of 16 bbls of oil per day, exceeded the anticipated production of 10 - 12 bbls of oil per day. This is a 30% increase from those estimates. Results have been better than anticipated, and with this being just one of the many wells in our asset base, we look forward to delivering further positive updates in the near future and boosting monthly revenues".
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 ir@unitedamericanpetroleum.com 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.
The United American Petroleum logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8834
Forward-looking Statements:
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks associated with drilling and production programs resulting from geological, technical, drilling, seismic and other unforeseen problems; unexpected results of exploration and development drilling and related activities; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Annual Report on Form 10-K and our other filings with the SEC at www.sec.gov or from us at United American Petroleum Corp., 9600 Great Hills Trail, Suite 150W, Austin, TX 78759.
United American Petroleum Corp.
Barry Gross
+1 855-PETROL-1
ir@unitedamericanpetroleum.com
info@unitedamericanpetroleum.com
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