AUSTIN, Texas, Sept. 6, 2012 (GLOBE NEWSWIRE) -- United American Petroleum Corp. (OTC Markets:UAPC) is pleased to announce it has completed the scheduled workover and acid stimulations to its Lozano lease in Frio County, Texas. Previously, the Lozano lease produced approximately 5 bbls of oil per day from its 3 existing wellbores. Currently, production from the Lozano lease has increased and stabilized at a rate of approximately 15 bbls of oil per day from the 3 existing wellbores. Workover and acid procedures on the Lozano lease were completed on budget at a total cost of approximately $70,000.
Newly appointed advisor Joe Gardner declared, "Through the dedicated efforts of our management team, I am pleased to report we have increased production on this location approximately three-fold with a nominal cost for the workover procedures. The normal life expectancy of these wells in their tertiary stage is approximately 5 to 10 years. Anticipated future plans for the Lozano lease include testing to develop any additional potential pay zone locations this property may have to offer. Typically, new drills in this area come in producing up to 100 bbls of oil per day, and our ability to exploit any new wells on the Lozano lease could yield additional returns further contributing to the Company's growth and success."
The noted workover activity, cost estimates and recent production increases on the Lozano lease are consistent with United's plans to workover approximately 150 well bores from various leases in its portfolio of properties.
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; continued availability of capital and financing; increases in operating costs; risks associated with oil and gas operations in the United States; availability of skilled personnel; unpredictable weather conditions; 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.