Austin, Texas, Aug. 21, 2013 (GLOBE NEWSWIRE) -- United American Petroleum Corp. (OTC Markets: UAPC) ("UAPC" or the "Company") is pleased to announce successful results from second quarter workovers. During the four-month period ended August 1st 2013, UAPC endeavored to complete certain workover procedures on the Merrick Davis, Welder and BRF properties. These opportunities were identified for the high probability of significant return to UAPC.
Workover procedures completed in the second quarter of 2013 yielded increased oil and gas revenue to $238,165 in the second quarter of 2013 from $142,784 in the first quarter of 2013. Production increased to 27.91 BOPD in the second quarter of 2013 from 20.87 BOPD in the first quarter of 2013. UAPC has focused its efforts to create positive sustainable cash flows. The second quarter results indicated that UAPC will require approximately an additional 36 BOPD to achieve positive cash flows at current oil prices.
Michael Carey, President and CEO, stated, "We are pleased to report a strong performance for the first six months of our 2013 fiscal year. We have made significant strides over the last six months to increase revenues. We expect to significantly increase production in the third quarter as we did in the second quarter."
Ryan Hudson, Chief Operating Officer, added, "The increase in oil and gas production and revenues is primarily related to production increases on the Lozano, McKenzie, Merrick Davis and Welder properties. Our workover procedures on each of these properties has yielded significant increases in production and moved us significantly closer to positive cash flows. We have identified multiple additional opportunities and look forward to capitalizing moving forward through our low-risk, economical workover procedures."
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 oil and gas
company that produces domestic oil and natural gas reserves through
advanced exploration, drilling and completion
techniques. The Company's strategy is to increase
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, the Company may acquire attractive leases
throughout the United States.
Forward Looking Statements
This press release contains forward-looking statements,
particularly those identified with the words "anticipates,"
"believes," "expects," "plans," "intends," "objectives" and similar
expressions. These statements reflect management's best judgment
based on factors known at the time of such statements. The reader
may find discussions containing such forward-looking statements in
the Company's filings with the Securities and Exchange Commission.
Actual events or results may differ materially from those discussed
herein. The forward-looking statements specified in the above
information have been compiled by our management on the basis of
assumptions made by management and considered by management to be
reasonable. Our future operating results, however, are impossible
to predict and no representation, guarantee, or warranty is to be
inferred from those forward-looking statements.
The assumptions used for purposes of the forward-looking statements specified in the above information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.