Glen Rose Petroluem Corp (fka GLRP)

[fredd369]

as i said, its just getting delisted. tons of stock get delisted. GGP went BK and delisted and it went up to the 13 dollar range in the OTC

buyin op IMO when monday opens in the OTCBB

[langlui]

i guess this is why everyone scrambled to sell

15:33 GLRP Glen Rose Petroleum Corporation 3/8/2010 Y 100 From SCM (GLRP)**
http://otcbb.com/asp/dailylist_detail.asp?mkt_ctg=OTCBB&d=03/05/2010

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

As previously in its Form 8-K dated January 13, 2010, the Company received a delisting notice from The NASDAQ Stock Market LLC (“NASDAQ”) due to the Company’s non-compliance with NASDAQ’s $1.00 per share bid price requirement. In response, the Company requested a hearing before a NASDAQ Listing Qualifications Panel to appeal the Staff’s delisting determination. On March 4, 2010, the Company advised NASDAQ that it is withdrawing its appeal and request for continued listing. Accordingly, NASDAQ will suspend trading of the Company’s securities effective with the open of business on Monday, March 8, 2010.

Following the suspension of trading on NASDAQ, the Company expects that its common stock will be quoted on the OTC Bulletin Board (the “OTCBB”), which is operated by FINRA. In that regard, the Company has been advised by a market maker that it has filed the necessary application with FINRA to quote the Company’s securities on the OTCBB. It is expected that the application will be cleared by FINRA so as to facilitate trading on the OTCBB beginning on Monday, March 8, 2010. In the event, the application is not cleared by FINRA in time for trading on Monday, the Company’s securities will be eligible for quotation and trading on The Pink Sheets.

[TSUNAMI-22]

This thing is being twitchy / scary.

At the time I posted this statement, I was thinking .66 cents might be a good bounce point later next week. By the looks of it we might see this price before the close.

But who knows?

JMO

[TSUNAMI-22]

1. Because it's Friday.
2. because a 400% profit won't last.
3. Because it's friday.

[fredd369]

its just getting delisted, not canceled

jeez why are ppl selling this like mad

[TSUNAMI-22]

I like how stockcharts.com modified the chart to make it look like $1.00 is the HOD, instead of $1.55

[fredd369]

nevermind, were fucked

[fredd369]

Looks like support at 1.10, Resistance at 1.50

lets see how it holds up

[MWM]

With such a thin float, no telling, they are sitting on about 150 million barrels if memory serves...

GL!

[TSUNAMI-22]

This thing is being twitchy / scary.

IMO

[S3lfMade]

I believe we make a run at $2. chart is free till then. just wait it will happen

[fredd369]

this baby has quite a gap to fill

$3.00 gap

lets bring in the momo

[fredd369]

congrats MWM, yea u been here a WHILE lol

what do u think this will go up to? 2.50-3?

[MWM]

I knew they had the reserves, it only took 4 years to get the financing lol!

[mkinhaw]

You been here a while
I see
lol
congrats
MK

[MWM]

Boom!

[MWM]

Glen Rose Petroleum Corporation Announces Receipt of New Engineering Report for Wardlaw Field
Total Proved Reserves Reach 701,000 Barrels, Valued at $9.4 Million
Jun 24, 2008 8:00:00 AM
Copyright Business Wire 2008
View Additional ProfilesDALLAS--(BUSINESS WIRE)--

Glen Rose Petroleum Corporation (NASDAQ: GLRP), a public company involved in the development of medium gravity crude oil assets announced that it has received a new engineering report for its Wardlaw Field from TEC Engineering that shows total proved reserves of 701,000 barrels of oil, valued at a 10% discounted rate and risk adjusted to $9.4 million. The Company currently has four developed and producing wells with reserves of 27,000 barrels valued at $691,000.



Summary - Estimated
Net Reserves and Income Data
Glen Rose Petroleum Corporation / Wardlaw Field
Proved
----------------------------------------------------------------------

Developed Developed Undeveloped Total
Reserves Producing Non-Producing Non-Producing Proved
------------------------- --------- ------------- ------------- ------

Oil (1,000 BO) 27 457 217 701

Discounted (10%DCF)
& Risk Adjusted ($1,000) $691 $7,035 $1,719 $9,445

Chip Langston, GLRP's President, stated, "This report demonstrates that our field activities since the previous engineering report have had a positive effect on our company's outlook. Since then, we have made great strides in bringing this property along as shown by the $9.4 million of proven reserves in this latest engineering report."

He added, "Progress in the development of the Wardlaw Field continues. The work over rig is on the property and currently re-working our next round of producing wells. The permitting process for new 12 drilling locations is underway. Given current prices for West Texas Intermediate, we expect to realize well over $100 a barrel from the oil on the property, which sells at a discount from WTI because it is of medium gravity. Our new drilling plan is on schedule. We anticipate bringing an additional 40 to 50 wells into production as quickly as our swabbing permits are granted and we work over several other prospective well locations. Longer term, the full development of the property could see several hundreds of wells drilled, if the gas flood enhanced oil recovery system, currently under trial, proves to be successful."

GLRP retains title, by past drilling, to all 10,500 acres of mineral rights to its leases, in all zones, on the Wardlaw lands. "We are focused on the immediate impact of the shallow Glen Rose oil production; however, potential for Natural Gas production exists below the Glen Rose formation," said Paul Watson, Chairman. The company will continue to explore this resource with the prospect of drilling to deeper horizons in the future. Currently, one deeper well (100% working interest owned by GLRP) exists on our lands and we feel confident that it can be re-completed for natural gas production sufficient to supply, as a minimum, fuel gas for our existing field equipment needs.

About Glen Rose Petroleum Corporation

Glen Rose Petroleum Corporation, formerly United Heritage Corporation, founded in 1981 and based in Dallas, TX, is focused on the development of on-shore oil and gas assets. The company has project covering 10,500 acres in the Wardlaw Field, Edwards County, TX. The field is currently producing oil which is categorized as "medium crude," at 16-20 API gravity. Management believes its acreage has substantial reserves, and is applying new technology to economically extract the reserves.

Private Securities Litigation Reform Act Safe Harbor Statement: All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including any projections of earnings, revenue, cash or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include our limited capital resources and limited access to financing. Glen Rose Petroleum Corporation assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

Source: Glen Rose Petroleum Corporation

[MWM]

UHCP: Change to Glen Rose Petroleum Corporation (GLRP)

[MWM]

United Heritage Corporation Forms Joint Venture on Wardlaw Property




United Heritage Corporation (Nasdaq: UHCP), a public company involved in the development of medium gravity crude oil assets announced that, on May 27, 2008, the Company signed a letter of intent (‘LOI’), to sell for $2.5 million, a 50% interest in the shallow rights (1,000 ft) of 2,560 acres (25%) of its Wardlaw Field to Wind Hydrogen Limited (‘WHL’), a publicly-listed company on the Australian Stock Exchange (‘ASX’).

The Wardlaw lease is a 10,500 gross acre field located in Edwards County, Texas, consisting of four (4) full mineral leases in which United Heritage has a 100% working interest, and a 75% net revenue interest. The Company’s primary focus is the upper Glen Rose formation (“A” Zone) at a depth of approximately 250 feet with a gravity range of 16-20 API, a medium gravity crude. To date, 130 wells have been drilled of which 27 are currently producing. “With the increase in technology coupled with the price of crude, this project has become very rewarding” states Chip Langston, UHCP’s President.

The WHL joint venture is subject to the respective Parties’ satisfactory due diligence, signing of definitive agreements, and WHL shareholder approval for a change in the nature of WHL’s activities at its upcoming general meeting of shareholders. The payments will be staged during the development of the initial phase, with 10% ($250,000) having been received upon signing of the LOI. The joint venture provides for an option to pursue two additional 2,560 acre phases, for a non refundable option price, higher pricing and the same 50% carried interest by the Company in the amount advanced by WHL.

“We are excited about the WHL joint venture, which will allow us to be more aggressive in pursuing the timely development of our assets. The Company will have continued activity on its existing properties, as well as properties outside this joint venture, while at the same time, we will be able to explore and develop other portions of the acreage with our new partners” states Paul Watson, the Chairman and Chief Executive Officer of United Heritage Corporation.

About United Heritage Corporation United Heritage Corporation, founded in 1981 and based in Dallas, TX, is focused on the development of on-shore oil and gas assets. The company has project covering 10,500 acres in the Wardlaw Field, Edwards County, TX. The field is currently producing oil which is categorized as “medium crude”, at 16-20 API gravity. Management believes its acreage has substantial reserves, and is applying new technology to properly extract the reserves.

[MWM]

S-8 for 5 million shares...

http://ih.advfn.com/p.php?pid=nmona&cb=1212430795&article=26610904&symbol=N%5EUHCP

[MWM]

Item 1.02 Termination of a Material Definitive Agreement.




As previously disclosed, and incorporated herein by reference to Item 1.01 of the Corporation’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on December 4, 2007 (the “ December 8-K ”), on November 28, 2007 the Corporation entered into a certain consulting agreement (the “ Consulting Agreement ”) with GWB Petroleum Consultants Ltd. (“ GWB ”), pursuant to the terms of which GWB was to provide the Corporation with the services of Mr. Geoffrey W. Beatson (“ Beatson ”), as Vice President of Engineering and Production, for a period of two years commencing on November 1, 2007, and in consideration for which the Corporation agreed to pay GWB remuneration which included, among other things, a monthly fee and the issuance of warrants to purchase shares of the Corporation’s common stock, subject to certain vesting conditions (the “ Remuneration ”).

The foregoing description of the Consulting Agreement is qualified in its entirety by the actual terms of the Consulting Agreement, a copy of which was filed as Exhibit 10.2 to the Corporation’s December 8-K and is incorporated herein by reference.




By letter dated May 19, 2008, the Corporation notified GWB that it was terminating the Consulting Agreement, effective February 1, 2008, for cause, in accordance with Section 6.2 thereof, based on Beatson’s violation of certain provisions of, and failure to perform certain duties under, the terms of the Consulting Agreement.

Under the circumstances there are no material early termination penalties to the Corporation, and no Remuneration remains outstanding or owed to GWB.








Section 5 - Corporate Governance and Management




Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.




As disclosed in response to Item 1.02 of this Current Report on Form 8-K, on May 19, 2008 the Corporation terminated its Vice President of Engineering and Production, Mr. Geoffrey W. Beatson, effective as of February 1, 2008.




As of the date hereof, an active search to fill the vacancy created by Beatson’s termination is underway, and while the Corporation has not yet identified a suitable replacement, it intends to make every effort to do so as soon as possible.

[MWM]

United Heritage Corporation Now Authorized to Consummate Transactions Described in Definitive 14C Information Statement




United Heritage Corporation (NASDAQ: UHCP) (the “Company”), a public company involved in the development of medium gravity crude oil assets, today announced that as of May 22, 2008, it is authorized to consummate the transactions described in its Definitive Information Statement on Schedule 14C that was mailed to its shareholders on May 2, 2008. Accordingly, the Company is now authorized to reincorporate in Delaware under the name Glen Rose Petroleum Corporation. The Company’s stock will continue to trade under the symbol UHCP until the reincorporation is complete and a new symbol is assigned.

The transactions described in the 14C Information Statement are as follows: the issuance of warrants to DK True Energy Development and RTP Secure Energy Corp.; the issuance of warrants to Applewood Energy, Inc. and GWB Petroleum Consultants Ltd.; the issuance of warrants to Richardson & Patel LLP as partial compensation for legal services rendered to us; the provision for issuance of common stock and warrants to one or more broker dealers as compensation for services to be rendered to us; the issuance of warrants to Blackwood Capital Limited as compensation for services rendered and to be rendered to us; adoption of the United Heritage Corporation 2008 Equity Incentive Plan; the issuance of warrants included in an offering of units consisting of common stock and warrants which was made by the Company in November 2007; the issuance of units consisting of shares of our common stock and warrants to purchase our common stock in a private offering of our securities to accredited investors; the issuance of common stock and warrants to Blackwood Ventures LLC pursuant to an agreement to convert debt; the issuance of 666,667 shares of common stock subscribed for by accredited investors in a private offering undertaken in January 2008; the issuance of common stock and warrants to the estate of Walter G. Mize in exchange for the relinquishment of a put right; and reincorporation of the Company in Delaware under the name Glen Rose Petroleum Corporation.

[MWM]

UNITED HERITAGE CORPORATION BEGINS THE WORK OVER OF 15 WARDLAW FIELD WELLS

United Heritage Corporation (NASDAQ: UHCP), a public company involved in the development of medium gravity crude oil assets, today announced that it has started the work over of 15 wells in the Wardlaw Field. These are wells that have already produced oil in the past and have become economical to operate under current market conditions.

Following each well work-over, the inflow rate will determine whether to install new pumps or swab the well. Most wells will be set up to swab with air injection and will be part of a potential 80 well swabbing program, for which United Heritage is awaiting regulatory approval. The Field cleanup recently carried out in preparation for the commencement of the well work-over program met the Railroad Commission of Texas’ approval. The re-commissioning of the Company’s own drilling rig and swabbing unit will significantly reduce the work-over and operating costs of the wells.

Paul D. Watson, Chief Executive Officer of United Heritage Corporation and chairman of its board of directors said, “The short term primary focus of the Company is to increase production from the existing wells and infrastructure. However, this will not detract from the permitting and design objectives for the enhanced recovery pilot that we expect to commence implementation of in the third quarter 2008. We are additionally reviewing technological advancements in pumps, chemicals, steaming and others that will appropriately resolve the challenges of the field.”

About United Heritage Corporation

United Heritage Corporation, founded in 1981 and based in Dallas, TX, is focused on the development of on-shore oil and gas assets. The company has four leases covering 10,500 acres in the Wardlaw Field located in Edwards County, TX. The oil is categorized as "medium crude," the deposits are in the medium gravity range of heavy oil at 15-18 API gravity. The Company believes that ultimate recovery could be in the region of 20-40% range. Management believes its acreage has always held valuable reserves, but the market conditions and proper technology had not co-existed in the past to extract this shallow low energy vast resource. Some oil production has already been established from the field, and the Company expects to implement a pilot program on this acreage during the third quarter of 2008.

Private Securities Litigation Reform Act Safe Harbor Statement: All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including any projections of earnings, revenue, cash or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include our limited capital resources and limited access to financing and our ability to overcome negative publicity relating to the restatement of our proved reserves. United Heritage Corporation assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

Porter Le Vay & Rose Inc.
Linda Decker, VP - Investor Relations
Jeffrey Myhre, VP - Editorial
212-564-4700
or
United Heritage Corp.
Chip Langston, 214-800-2663
President & CFO

[MWM]

As of March 31, 2007, the Company had net operating loss carryovers of approximately $15,300,000 available to offset future income for income tax reporting purposes, which will ultimately expire in 2026, if not previously utilized.

[MWM]

Loans from Lothian Oil Inc.


The Company had a $4,000,000 loan agreement with Lothian Oil Inc., previously its majority shareholder (the “Cato Unit Loan”). The Cato Unit Loan was subsequently increased to $8,000,000 during the 2007 fiscal year. Advances to the Company under this agreement were $2,182,843 as of March 31, 2007. The agreement, dated October 7, 2005, provided for draws as needed for the development of the Cato San Andres Unit in New Mexico. The note bore interest at 1% over the Citibank prime rate (8.25% at March 31, 2007) and was secured by a deed of trust and assignment of production, among other provisions. Loan advances were repayable monthly from 70% of the oil and gas proceeds produced by the Cato San Andres Unit. The note was due and payable on October 7, 2015 and was subordinated to the Sterling Bank agreement discussed below. The loan was reduced by $4,397,760 from the proceeds of the sale of the Cato San Andres Unit and the Tom Tom and Tomahawk Field on March 30, 2007. After the sale of these properties, the Cato Unit Loan was then secured by 404,204 shares of restricted Cano Petroleum common stock. Effective June 6, 2007, Lothian accepted the restricted Cano Petroleum common stock as full payment of the loan and accrued interest which resulted in a gain of $303,155 on the extinguishment of the debt.


The Company also had an additional $2,500,000 loan agreement with Lothian (the “Wardlaw Loan”). Advances to the Company under this agreement were $0 and $759,140 as of September 30, 2007 and March 31, 2007, respectively. The agreement, dated as of March 31, 2006, provided for draws as needed for the development of the Wardlaw Field in Texas. The note bore interest at 1% over the Citibank prime rate (8.25% at March 31, 2007) and was secured by a deed of trust and assignment of production, among other provisions. Loan advances are repayable monthly from 70% of the oil and gas proceeds produced by the Wardlaw Field. The note was due and payable on March 31, 2016. On July 31, 2007 we entered into an agreement with our largest shareholder, Lothian Oil Inc. (“Lothian”). Pursuant to the terms of this agreement, Lothian forgave $1,800,000 that it asserted we owed to it, which amount included $753,296 in principal and $71,254 in accrued interest associated with the Wardlaw Loan. (See Note 15 - Transfer of Securities Owned by Lothian Oil Inc., below.) In exchange for the debt forgiveness, we agreed to deliver to Lothian any funds in excess of $100,000 that we receive from Cano Petroleum, Inc. in connection with the sale of the assets of UHC New Mexico Corporation. We do not anticipate that we will receive any funds in excess of $100,000 from Cano Petroleum, Inc. in connection with that sale.

[MWM]

Platinum Energy acquires assets of Lothian Oil
Monday, December 31, 2007; Posted: 09:35 AM

More Breaking News about PGRIU
Platinum Energy Resources, Inc. Announces Initial Implementation of Oil Hedging Strategy

International Stock Targets: Adds Platinum Energy Resources Inc. to our Small Cap Watch List

PGRIW: Completes Acquisition of Lothian Oil and Gas Assets for $6.2M

Click here for More News >>


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Dec 31, 2007 (Datamonitor via COMTEX) -- PGRIU | charts | news | PowerRating -- Platinum Energy Resources has acquired certain assets of Lothian Oil for $6.2 million in cash.

Platinum said that the Lothian assets acquired consist of oil and gas properties located in New Mexico and include over 1 million barrels of oil equivalent (boe) of proved reserves.

In addition to the Lothian acquisition, Platinum Energy also announced that it has recently acquired a 50% working interest in the La Rosa field in Refugio County, Texas, for $5 million in cash, and entered into a joint development agreement with Mantle Resources, an operating company in Houston, Texas.

Tim Culp, chairman of Platinum Energy, said: "These assets are a good fit with the current asset base of Platinum. At an acquisition cost of $6 per barrel of proved reserves, the acquisition represents a very good value."

Barry Kostiner, CEO of Platinum Energy, said: "We are off to a very aggressive start, acquiring assets and initiating our drilling program with a focus on shareholder value. Through a combination of acquisitions and accelerating development, we believe that we can achieve our goal of significantly increasing net production by the end of 2008."

[MWM]

United Heritage Corporation Adds Paul D.Watson as CEO and Chairman
Joseph F. Langston Jr. Remains as President and CFO

United Heritage Corporation (NASDAQCM: UHCP), a public company involved in the development of medium gravity crude oil assets announced that on January 15, 2008, Paul D. Watson was named Chief Executive Officer of United Heritage Corporation and joined the Company’s board of directors as Chairman. The Company also announced that Joseph F. Langston Jr. will remain as President, Chief Financial Officer and a director, and has also been appointed as Secretary.

Mr. Watson, aged 56, is an oil and gas consultant, developer, acquirer and financier with 34 years’ experience at public and private natural resources and energy companies worldwide. For the past three years he has been the Vice President of Exploration and a member of the board of directors at Energy 51 Ltd./Watch Resources Ltd., a Canadian energy corporation. Prior to joining Energy 51 Ltd./Watch Resources Ltd., Mr. Watson was the Vice President of Exploration at Trafina Energy. Mr. Watson has also served as a consultant to numerous energy companies, including Kelman Technologies, Inc., Reliance Engineering Group, Inc. and Reflect Technology, Inc. Mr. Watson began his career as a junior geologist in 1973 after earning his Bachelor of Science in Geology at the University of Calgary, Alberta.

Mr. Langston, previously the Company’s interim Chief Executive Officer, interim President and interim Chairman of the board of directors, as well as the Company’s Chief Financial Officer, stepped down as interim Chief Executive Officer and interim Chairman, effective January 15, 2008.

About United Heritage Corporation

United Heritage Corporation, founded in 1981 and based in Midland, TX, is focused on the development of on-shore oil and gas assets. The company has four leases covering 10,500 acres in the Wardlaw Field located in Edwards County, TX. A report received by the Company in 1984 estimated 168 million barrels of oil in place on the property. The oil is categorized as "medium crude," the deposits are in the light gravity range of heavy oil at 14-25 API gravity. The Company believes that ultimate recovery could be in the region of 40%. Management believes its acreage has always held great reserves, but the technology to properly extract the reserves is still being considered. Some oil production has already been established from the field, and the Company expects to implement a Pilot on this acreage during the second quarter of 2008.

[MWM]

United Heritage Corporation Fails to Meet Minimum Bid Price Requirement in Accordance with NASDAQ Marketplace Rules
United Heritage Corporation (NASDAQ: UHCP) announced today that on January 31, 2008 it received a letter from The NASDAQ Stock Market indicating that, for a period of 30 consecutive business days, the bid price of its common stock closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4310(c)(4). According to the letter, United Heritage Corporation has until July 29, 2008 to regain compliance.

If United Heritage Corporation cannot demonstrate compliance by July 29, 2008, The NASDAQ Stock Market staff will determine whether it meets The NASDAQ Capital Market initial listing criteria as set forth in Marketplace Rule 4310(c), except for the bid price requirement. If it meets the initial listing criteria, it will be granted an additional 180 calendar day compliance period. If it is not eligible for an additional compliance period, its securities will be delisted.

About United Heritage Corporation

United Heritage Corporation, founded in 1981 and based in Midland, TX, is focused on the development of on-shore oil and gas assets. The company has four leases covering 10,500 acres in the Wardlaw Field located in Edwards County, TX. A report received by the Company in 1984 estimated 168 million barrels of oil in place on the property. The oil is categorized as "medium crude," the deposits are in the light gravity range of heavy oil at 14-25 API gravity. The Company believes that ultimate recovery could be in the region of 40%. Management believes its acreage has always held great reserves, but the technology to properly extract the reserves is still being considered. Some oil production has already been established from the field, and the Company expects to implement a Pilot on this acreage during the second quarter of 2008.

[MWM]

Still watching...

UHCP (1.80) United Heritage Corporation Has Executed a Securities Purchase Agreement and Consulting Agreement

Thursday, November 29 2007 10:01 AM, EST PR Newswire "US Press Releases "
MIDLAND, Texas , Nov. 29 /PRNewswire-FirstCall/ -- United Heritage Corporation (Nasdaq: UHCP), a public company involved in the development of medium gravity crude oil assets, announced today that it has entered into a securities sales agreement with certain private investors and a consulting agreement with two privately held companies, DK True Energy Development Ltd. and RTP Secure Energy Corp. The securities sale has raised $600,000 , and the proceeds will be used for general corporate purposes and to initiate a pilot project in the Wardlaw Field.
DK True Energy Development is a company controlled by David Kahn. Mr. Kahn is a reservoir engineer with 20 years experience in heavy oil projects with Texaco and Baker Hughes. More recently, he was a principal in development stage heavy oil companies that engaged in merger and acquisition transactions with Megawest Energy Inc. , a heavy oil bulletin board stock, and Pearl Exploration and Production Ltd. , a Canadian-based oil and gas company whose common shares are traded on the TSX Venture Exchange. RTP Secure Energy is a consulting company controlled by Raymond T. Pirraglia. Mr. Pirraglia, a business attorney with over 25 years experience, has worked with oil and gas companies in mergers, acquisitions and other transactions in recent years. He has been a principal with Mr. Kahn in the development, acquisition and disposition of certain heavy oil assets and companies.
The securities sales agreement provides for the issuance of a minimum of 21 units and a maximum of 25 units to investors, at a price of $24,000 /unit, with each unit consisting of 32,000 shares of common stock and a callable 5-year warrant to purchase up to 52,253 shares of common stock, at an exercise price of $1.40 /share, for aggregate gross proceeds of up to $600,000 . The Company will be obligated to register up to 1,306,325 shares underlying the investor warrants, subject to compliance with SEC Rule 415 under the Securities Act of 1933.
With regard to the investor warrants, the vested portion is callable by the Company from time to time after December 31, 2007 if the stock trades at or above $3.00 /share for 20 consecutive trading days; investors will have 10 trading days in which to exercise after a call, after which the Company may cancel the vested portion of the warrant. The investor warrants are subject to shareholder approval, and may not be exercised until shareholder approval is obtained (in compliance with NASDAQ 20% rule). Investor warrants may be exercised on a cashless basis at the election of the holder, with fair market value being the trailing 30 day average closing price.
DK True Energy Development and RTP Secure Energy Corp have entered into a twelve-month consulting agreement with the Company to provide the services of David Kahn and others to assist and advise on the development of Wardlaw Field. The services include, but are not limited to, reservoir analysis, geological and engineering expertise, as required and reasonably requested from time to time by the Company, to assist the Company with respect to:
(i) Reviewing technical data and providing advice regarding the
development of the Company's Wardlaw Field;
(ii) Identifying and introducing the Company to management candidates,
including prospective members of the Company's Board of Directors
and officers, which resulted in the hiring of Paul Watson and Geoff
Beatson;
(iii) Developing a pilot project for production of the Wardlaw Field;
(iv) Producing a detailed development plan for the full production of
the Wardlaw Field; and
(v) Other related matters.


The Company anticipates that geological and engineering activities will begin before the end of the year.
In lieu of cash compensation, the consultants will receive 5-year warrants to purchase up to a total of 9,000,000 shares, at an exercise price of $1.05 /share, exercisable only on a cashless basis (such that fewer than 9,000,000 shares will be issued) after December 31, 2007 . All consultant warrant shares are subject to shareholder approval (in compliance with NASDAQ 20% rule). 1,147,500 warrant shares will vest upon receipt of shareholder approval. 2,452,500 warrant shares will vest upon the company's announcement that it is moving forward with a development program of the Wardlaw Field based on the results of the pilot project. 5,400,000 warrant shares will vest at the rate of 675,000 shares for each increase of an average of 250 barrels of oil per day produced by the Company in any calendar month following the warrant issue date. All warrant shares will vest upon a change in control of the Company. The Company will be obligated to register 6,500,000 of the consultant warrant shares, subject to compliance with SEC Rule 415 under the Securities Act.
United Heritage has four leases covering 10,500 acres in Edwards County, Texas . The Wardlaw Field contains 130 wells on the property. The Company has a 100% gross working interest in both leases. The Wardlaw Field lies in the southeast portion of the Val Verde Basin.
A report published by J.R. Butler & Co. in 1984 estimated 168 million barrels of oil in place on the property. The oil is categorized as "medium crude"; the deposits are in the light gravity range of heavy oil at 14-25 API gravity. The Company believes that ultimate recovery could be in excess of 30%.
About United Heritage Corporation
United Heritage Corporation , founded in 1981 and based in Midland, TX, is focused on the development of on-shore oil and gas assets. The company has four leases covering 10,500 acres in the Wardlaw Field located in Edwards County, TX. Management believes this acreage possesses immense potential, as there has already been oil production from the field, and expects to complete a pilot project on this acreage during the first quarter of 2008.
Private Securities Litigation Reform Act Safe Harbor Statement:
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate in each of our segments reflected by our subsidiaries' operations include without limitations, continued value of our real estate portfolio, the strength of the real estate market in Houston, Texas , as a whole, continued acceptance of the Company's products and services, increased levels of competition, new products and technology changes, the dependence upon financing, third party suppliers and intellectual property rights, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof.
1310 West Wall, Suite A
Midland, Texas 79701
Joseph "Chip" Langston Jr.
432-687-1131
SOURCE United Heritage Corporation

[MWM]

http://online.wsj.com/article/SB119207305973655762.html?mod=yahoo_hs&ru=yahoo

[MWM]

Oil Dependency's Ultimate Downside
Tiny exploration company United Heritage may have to cease operations after a bankruptcy filing by big shareholder Lothian Oil.
Stephen Taub, CFO.com
June 20, 2007
United Heritage Corp., a small energy-exploration company private closely tied to private Lothian Oil Inc., raised questions about the ability of United Heritage to continue operating in the wake of Lothian's Chapter 11 bankruptcy filing.

United Heritage, which has a $5 million market capitalization, and lost more than $17 million on just $602,000 in revenues in its March 31, 2006, fiscal year, said in a press release that it "does not know what effect this action will have on its ability to continue its operations." But it United stressed that Lothian has provided funds for United's operations.

advertisement United added in a press release that it received a letter from Nasdaq warning that it is out of compliance with the exchange's listing requirement because for a period of 30 consecutive business days the bid price of its common stock closed below the minimum $1 per share requirement. United has until December 12 to regain compliance, the Nasdaq letter said, after which the Nasdaq staff will determine whether the capital market initial listing criteria is met.

United will receive an additional 180-day compliance period if it meets the criteria, and it will be delisted if it does not.

Lothian is United's largest shareholder, and in October 2005 purchased 3.28 million shares from United for more than $3.4 million. The companies said at the time that the money would be used to pay the majority of United's debt. Under the deal, United also issued to Lothian warrants to purchase 8.72 million shares of stock.

In a separate agreement then, Lothian immediately became an operator of United's oil and gas properties in Texas and New Mexico. Lothian said it had committed up to $6.5 million for the development of these properties.

http://www.cfo.com/article.cfm/9358914/c_9357581?f=home_todayinfinance

[MWM]

United Heritage holder files for Chap 11
June 19, 2007

MIDLAND, Texas --Energy explorer United Heritage Corp. said Tuesday its largest shareholder, New York-based Lothian Oil Inc., filed for Chapter 11 bankruptcy protection a week ago.

United Heritage said in a regulatory filing that it relied on Lothian Oil to provide funds for its operations, and it does not know what effect the action will have on its ability to continue its operations.

The company also said Nasdaq warned it that its stock doesn't comply with the minimum bid price listing requirement.

Nasdaq noted in its letter to the company that its shares have closed below the minimum $1-per-share bid requirement for 30 consecutive days, United Heritage said.

United Heritage has until Dec. 12 to regain compliance.



http://www.boston.com/business/articles/2007/06/19/united_heritage_holder_files_for_chap_11/

[Golden Cross]

FEEC: Far East Energy Conference Call to Discuss China Operational Update Rescheduled to Monday, October 23, 2006
Monday October 16, 6:19 pm ET


HOUSTON, Oct. 16 /PRNewswire-FirstCall/ -- Far East Energy Corporation (OTC Bulletin Board: FEEC - News) will hold its China operational update conference call with CEO Michael McElwrath on Monday, October 23, 2006 at 11:00 a.m. Eastern. The rescheduled time is a result of the flooding in Houston. The call-in numbers and passcode will remain the same.
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To access the call participants should dial [phone] in the United States or [phone] for international callers. The passcode for both U.S. and international callers is 5492679. Please dial in 10-15 minutes before the call begins in order to register and join the conference.

Contact: Bill Conboy, CTA Integrated Communications, [phone], or email [e-mail]

About Far East Energy

Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on the acquisition of, and exploration for, coalbed methane in China through its agreements with ConocoPhillips and China United Coalbed Methane Company, Ltd. (CUCBM).

China Acreage Overview

The Shouyang and Qinnan Blocks are part of the 4,280 square kilometer (1,057,650 acres) coalbed methane (CBM) project in Shanxi Province that Far East Energy holds under farmouts from ConocoPhillips. Including its 1,073 square kilometer project in Yunnan Province, the coalbed methane concessions of Far East Energy contain a land mass slightly larger than the State of Delaware.

Far East Energy is scheduled to hold its 2006 annual meeting of stockholders on December 15, 2006, and will file a proxy statement in connection with the meeting soon. All stockholders are strongly advised to read the proxy statement and the accompanying WHITE proxy card when they become available, as they will contain important information. Stockholders will be able to obtain this proxy statement, any amendments or supplements to the proxy statement, and other documents filed by Far East Energy with the Securities and Exchange Commission for free at the website maintained by the Securities and Exchange Commission at www.sec.gov. Copies of the proxy statement and any amendments and supplements to the proxy statement will also be available for free at Far East Energy's website at www.fareastenergy.com or by writing to the Secretary, Far East Energy Corporation, 400 N. Sam Houston Parkway E., Suite 205, Houston, Texas 77060. In addition, copies of the proxy materials may be requested by contacting the proxy solicitor, Innisfree M&A Incorporated toll-free at 1-888-750-5834. Detailed information regarding the names, affiliations and interests of individuals who may be deemed participants in the solicitation of proxies is available on the Schedule 14A filed with the Securities and Exchange Commission on October 10, 2006.

Contact: Bill Conboy/ Vice President
[e-mail]
Warren Laird/ Senior Account Executive
[e-mail]
CTA Integrated Communications
303-665-4200

[Golden Cross]

United Heritage Corporation Takes Steps to Complete Merger With Lothian Oil Inc.
Monday October 16, 6:15 pm ET


MIDLAND, Texas, Oct. 16 /PRNewswire-FirstCall/ -- United Heritage Corporation (Nasdaq: UHCP - News) today announced that on Friday, September 29, 2006, it filed a registration statement relating to its merger with Lothian Oil Inc. ("Lothian"). Pursuant to the terms of the Merger Agreement and Plan of Reorganization signed by United Heritage and Lothian, United Heritage will issue 1 share of its common stock or preferred stock for each 1.25 shares of Lothian common stock or preferred stock. United Heritage will assume all outstanding warrants for Lothian's common or preferred stock, whether or not exercisable and whether or not vested, and all options issued from Lothian's Stock Incentive Plan. United Heritage will also issue to each shareholder of its common stock on April 26, 2006 (with the exception of Lothian) a warrant to purchase 1 share of its common stock for each share of common stock held.
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Lothian is an oil and gas exploration and development company that acquires and manages oil and gas properties that may have unrealized value. Headquartered in New York, Lothian has offices in Midland, Texas and Artesia, New Mexico. Lothian currently operates oil and gas properties in Louisiana and the Permian Basin of southeast New Mexico and West Texas.

United Heritage is an oil and gas exploration and production company based in Midland, Texas. Through its subsidiaries, it holds four leasehold properties in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico.

The terms of the merger, which originally included an exchange ratio of 2 shares of United Heritage common stock or preferred stock to be issued in exchange for 3.3 shares of Lothian common stock or preferred stock, were initially approved by the Board of Directors of United Heritage and by Lothian, its majority shareholder, on February 22, 2006. Following this approval, United Heritage restated its proved reserves and, as a result of this action, restated its financial statements for the fiscal years beginning on March 31, 2000 and ending on March 31, 2005 and for the quarters ended June 30, 2005, September 30, 2005 and December 31, 2005. Following the restatement, on September 21, 2006, the Board of Directors of United Heritage and Lothian, as its majority shareholder, agreed to amend the Merger Agreement and Plan of Reorganization to adjust the exchange ratio as described above. The Lothian Board of Directors and shareholders originally approved the terms of the merger in March 2006 and, following the changes in the terms required by the restatement, again on September 21, 2006.

[Golden Cross]

Nice candlesticks last two days but don't really like this news and after the market closed and on a weekend? JMHO

[Golden Cross]

United Heritage Corporation to Restate Financial Statements for Fiscal Years 2002 Through 2005
Friday June 16, 4:15 pm ET


MIDLAND, Texas, June 16 /PRNewswire-FirstCall/ -- United Heritage Corporation (Nasdaq: UHCP - News) today announced that, as a result of the review of its recently completed independent engineering reports, it will restate its financial statements for the fiscal years 2002 through 2005.
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The restatement is focused primarily on the reserves reported for the Cato Unit and Wardlaw Field. Although a final determination has not yet been made regarding the changes to the reserves reported, the restatement will reduce the amount of proved reserves and increase the amount of unproved reserves included in the Company's financial statements during the fiscal years at issue.

As previously announced, United Heritage Corporation is merging with Lothian Oil Inc., which operates and continues to develop the Company's oil and gas properties. Upon completion of the merger, the Company will change its name to Lothian Oil Inc. and will own and operate six properties in New Mexico, Texas, and Louisiana.

United Heritage Corporation is an oil and gas exploration and production company based in Midland, Texas. Through its subsidiaries, it holds four leasehold properties in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico.

Lothian Oil Inc. is an oil and gas exploration and development company that acquires and manages oil and gas properties that have recognized and unrealized value. Headquartered in New York, Lothian Oil Inc. has offices in Midland, Texas and Artesia, New Mexico. Lothian Oil Inc. currently operates oil and gas properties in the Permian Basin of southeast New Mexico, and the Gulf Coast Basin of Louisiana.

All statements in this news release that are not statements of historical fact, including statements about the expected completion of the merger, are forward-looking statements. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Many of these risks and uncertainties are identified in filings made by United Heritage with the Securities and Exchange Commission. United Heritage assumes no obligation to update these forward-looking statements, and does not intend to do so. Please refer to the risk factors and other information included in the Form 10-KSB and other filings filed by United Heritage with the Securities and Exchange Commission.


Contact:
United Heritage Corporation
C. Scott Wilson, Chief Executive Officer
Tel: [phone] Fax: [phone]

[Golden Cross]

United Heritage Corporation Delists From Boston Stock Exchange; Company's Nasdaq Listing Remains Unchanged
Friday May 19, 2:16 pm ET


MIDLAND, Texas, May 19 /PRNewswire-FirstCall/ -- United Heritage Corp. (Nasdaq: UHCP - News) today said that the company does not intend to appeal a delisting notice it received from the Boston Stock Exchange, thereby enabling the company's common stock to be delisted from the exchange. According to United Heritage Corporation, this is an expected and planned event that does not affect the company's current Nasdaq listing.
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The Boston Stock Exchange indicated that the reason for the delisting is that the company failed to comply with Boston Stock Exchange Rules that require the company to pay annual listing dues and to list additional shares when issued. United Heritage Corporation's shares have not traded on the Boston Exchange since December 17, 2004 when trading was suspended.

Contact: C. Scott Wilson, Chief Executive Officer of United Heritage Corp., [phone], or fax, [phone].

[Golden Cross]

UHCP: United Heritage Sets the Record Date for Distribution of Warrants
Monday April 24, 8:00 am ET


MIDLAND, Texas, April 24 /PRNewswire-FirstCall/ -- United Heritage Corporation (Nasdaq: UHCP - News) announced today that, subject to the consummation of its merger with Lothian Oil Inc., all shareholders of record at the close of business April 26, 2006 (with the exception of Lothian Oil Inc.) will receive a warrant to purchase one share of United Heritage common stock for each share of United Heritage common stock owned by the shareholder. The warrant exercise price will be $3.00 per share and the term of the warrant will be five years.
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Lothian Oil is an oil and gas exploration and development company. Lothian acquires, develops and manages oil and gas properties that have recognized and unrealized value. Headquartered in New York, Lothian has offices in Midland, Texas, and Artesia, New Mexico. Lothian currently operates oil and gas properties in the Permian Basin of New Mexico.

United Heritage is an oil and gas exploration and production company based in Midland, Texas. Through subsidiaries, it holds four leasehold properties in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico.

All statements in this news release that are not statements of historical fact are forward-looking statements. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Many of these risks and uncertainties are identified in filings made by United Heritage with the Securities and Exchange Commission. United Heritage assumes no obligation to update these forward-looking statements, and does not intend to do so. Please refer to the risk factors and other information included in the Form 10-KSB and other filings filed by United Heritage with the Securities and Exchange Commission.


Contact:
United Heritage Corporation
C. Scott Wilson, Chief Executive Officer
Tel: [phone] Fax: [phone]

[Golden Cross]

United Heritage To Issue Dividend in Conjunction With Merger
Monday April 17, 8:00 am ET


MIDLAND, Texas, April 17 /PRNewswire-FirstCall/ -- United Heritage Corporation (Nasdaq: UHCP - News) announced today that its Board of Directors and majority shareholder, Lothian Oil Inc., have amended the Merger Agreement and Plan of Reorganization that was executed by them on February 22, 2006. Pursuant to the amendment, as of a record date to be fixed by the Board of Directors, each holder of United Heritage common stock (with the exception of Lothian Oil Inc.) will receive a stock purchase warrant to purchase one share of United Heritage common stock for each share of United Heritage common stock owned by the shareholder. The warrant exercise price will be $3.00 per share and the term of the warrant will be five years.
ADVERTISEMENT


Lothian Oil is an oil and gas exploration and development company. Lothian acquires, develops and manages oil and gas properties that have recognized and unrealized value. Headquartered in New York, Lothian has offices in Midland, Texas, and Artesia, New Mexico. Lothian currently operates oil and gas properties in the Permian Basin of New Mexico.

United Heritage is an oil and gas exploration and production company based in Midland, Texas. Through subsidiaries, it holds four leasehold properties in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico.

All statements in this news release that are not statements of historical fact are forward-looking statements. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Many of these risks and uncertainties are identified in filings made by United Heritage with the Securities and Exchange Commission. United Heritage assumes no obligation to update these forward-looking statements, and does not intend to do so. Please refer to the risk factors and other information included in the Form 10-KSB and other filings filed by United Heritage with the Securities and Exchange Commission.


Contact:
United Heritage Corporation
C. Scott Wilson, Chief Executive Officer
Tel: [phone] Fax: [phone]

[Golden Cross]

United Heritage Corporation $20,000,000 Capital Budget for Fiscal Year 2007 & Operational Update
Wednesday March 29, 5:15 pm ET


MIDLAND, Texas, March 29 /PRNewswire-FirstCall/ -- United Heritage Corporation (Nasdaq: UHCP - News) announced today that Lothian Oil Inc. intends to commit $20,000,000 as its capital budget for the Cato and Wardlaw Fields during the 2007 fiscal year. To date, Lothian has invested $2,500,000 under the Development & Exploration Agreement that was signed by United Heritage and Lothian Oil on October 7, 2005.
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Holders of a majority of the voting stock of both United Heritage and Lothian Oil have approved the consummation of the merger that was announced on February 27, 2006. United Heritage will be filing an Information Statement with the Securities Exchange Commission ('SEC') and, upon approval by the SEC, will distribute the Information Statement to its shareholders.

Following the consummation of the merger, United Heritage intends to develop existing assets and to make tactical acquisitions in core areas. The goal is to leverage infrastructure in order to acquire long-life proven reserves that are accessible through aggressive work programs, but with nominal current production.

The combined entity will own and operate five properties in New Mexico and Texas.

Lothian Oil's New Mexico property is on 14,300 net acres. Lothian Oil acquired the property in April 2005. On the date of acquisition, of the 244 wells included on the property, only 70 were producing with production running at 86 barrels of oil equivalent per day ("boepd"). Lothian Oil instituted a series of infrastructure improvements bringing the total number of wells producing to 187. Current production from this field now exceeds 250 boepd and is expected to increase to 300 boepd as further wells are brought back into production. A refrac program is planned for the second quarter of this year, which Lothian Oil estimates will increase production by a further 50-80 boepd.

United Heritage Properties:

The Cato San Andres Unit, located in Chaves County, New Mexico, lies beneath 13,300 net acres and has a total of 194 wells. Lothian Oil commenced work pursuant to the Development and Exploration Agreement on January 1, 2006, which consists of upgrading and/or replacing some of the operational infrastructure in the Unit. This work is being conducted under the direction of Casey Davidson, Lothian Oil's Vice President of Production, who has over 20 years experience in drilling and production operations in New Mexico and Texas. It is anticipated that the total capital expenditure at the Cato Field for the 2007 fiscal year will be approximately $16,000,000. The first 90 well remedial work program initiated in January 2006 represents the first phase in this program and is expected to cost $8,000,000. Thus far 14 wells have been returned to production since Lothian Oil assumed operations of the field in December 2005, increasing production from 19 boepd to 100 boepd. Three pulling units are currently working the field and 75 pumping units were recently delivered to bring additional wells back online as the infrastructure improvements continue.

The Wardlaw Field is located on 10,500 net acres in Edwards County, Texas. Lothian Oil intends to spend an estimated $4,000,000 for development of this property during the 2007 fiscal year. The first 10 progressive cavity submersible pumps have been delivered as part of a 72 well work program. Included in this program is a four well horizontal pilot operation planned for the second half of the 2007 fiscal year. United Heritage continues to hold a 15% working interest in the Wardlaw deep rights with Dominion Oklahoma Texas Exploration & Production, Inc.

Tom Tom and Tomahawk Fields are located in Chaves and Roosevelt Counties, New Mexico on 5,000 net acres with 74 wells. Restoration work will commence on these fields upon the completion of the Cato Unit project.

Scott Wilson, CEO of United Heritage Corporation stated, "The expenditure of $2.5 million in capital improvements starts the process that should eventually bring the Cato Field into full production. I am pleased with the initial results of the program and believe the merged talents of our two companies should permit us to grow through the exploitation of identified opportunities."

As part of Lothian Oil's continued commitment to broadening and strengthening its management team, Vince Borrello has joined Lothian Oil as Executive Vice President and Chief Operating Officer. Vince brings with him over 30 years of industry operating experience in all aspects of engineering, acquisition analysis and business development. He has held senior positions at Union Texas Petroleum, Texas Oil & Gas Corp., Marathon Oil Company, Pure Resources and most recently, as a Founding Partner and Vice President of Engineering and Business Development for Celero Energy, LP.

Lothian Oil is an oil and gas exploration and development company founded in 2004. Lothian Oil acquires, develops and manages oil and gas properties that have recognized and unrealized value. Headquartered in New York, Lothian Oil has offices in Midland, Texas and Artesia, New Mexico. Lothian Oil currently operates oil and gas properties in the Permian Basin, New Mexico.

United Heritage is an oil and gas exploration and production company based in Midland, Texas. Through its subsidiaries, it holds four leasehold properties in Edwards County, Texas and Chaves and Roosevelt Counties, New Mexico.