United American Petroleum Corp. Provides Update on Its Marcee Well in Gonzales County, Texas
January 10 2012 - 8:00AM
United American Petroleum Corp. (OTCBB:UAPC.OB) is
pleased to announce it has scheduled a workover on its Marcee well
located in Gonzales County, Texas, which consists of 186 lease
acres. Current production from this well is approximately ΒΌ bbls of
oil every few days due to paraffin and downhole issues which are
symptomatic of wells within the region. These issues are typically
resolved through industry standard procedures, which United is in
the process of implementing. Successful completion of this workover
procedure is estimated to increase well production from 1/4 bbls
per day to potentially 8-10 bbls a day. With the anticipated
increased production from this well, and 100% ownership of the
working interest, the Company is looking forward to increasing its
revenue stream and creating additional shareholder value.
This workover will consist of the utilization of a rig to pull
all existing rods, tubing, and downhole pump from the well. We will
then run in the hole with a scraper bit to clean the casing to the
existing perforations, which will allow for removal of any scaling
and/or paraffin that has built up in the wellbore over time. Upon
successful completion of this procedure, we will run in the hole
with a perforating gun on a wireline truck to reperforate
(completely reopening the perforations) the existing perforations.
Once complete, this will enable us to acidize the well with a
solution of 4,000 gallons of 15% Hydrochloric Acid, as well as acid
solvent, iron control, acid inhibitor, surfactant, and sulfide
control which will be pumped into the well. This solution should
not only inhibit future build-up of the current scaling and
paraffin issue, but should also allow the well to perform
optimally.
The acidization process will be performed in two stages
utilizing ball sealers to help ensure maximum effectiveness. The
solution will also be pumped in with 500 bbls of fresh water. Once
completed, all tubing, rods, and downhole pump (which will be
redressed or replaced if needed) will be run back into the hole and
the well will be placed back online.
Michael Carey, United's Chief Executive Officer, stated, "Our
opportunity to rework and accelerate the production of existing
wells in our portfolio is vital to our organic growth and top line
revenues. We believe the processes are not too time-consuming and
are economical. The additional revenues generated will assist in
facilitating workovers throughout our current asset base and
improve our cash flow significantly."
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 855-PETROL-1.
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.
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, changes in the Company's business; competitive
factors in the market(s) in which the Company operates; 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.
CONTACT: United American Petroleum Corp.
Barry Gross
+1 855-PETROL-1
ir@unitedamericanpetroleum.com
info@unitedamericanpetroleum.com
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