August 17, 2007 - 5:29 AM EST
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HOCA N/A N/A
Today 5d 1m 3m 1y 5y 10y
HTOG 1.02 0.00
Today 5d 1m 3m 1y 5y 10y
UPDA 0.039 0.00
Today 5d 1m 3m 1y 5y 10y
Heartland Oil and Gas Corporation Reports Financial Results for Second Quarter 2007
On August 14, 2007, Heartland Oil and Gas (OTCBB: HTOG) (FWB: HOCA) timely filed its 10-QSB (Quarterly Report) with the SEC. Although this report demonstrates significant financial achievements and improvements, it does not yet reflect the expected dramatic impact of the recent acquisition of control of Heartland by Universal Property Development and Acquisition Corporation (OTCBB: UPDA) (FWB: UP1) (BCN: UP1) (GER: UP1) (MUN: UP1) (STU: UP1).
Corporate & Financial Highlights for the three Months Ended June 30, 2007
Total Revenues Increased to $ 125,213 from $ 117,300, an increase of 6.75%
Total Operating Expenses Decreased to $ 512,756 from $ 712,947 a reduction of 28%
Net Loss from Operations Decreased to $ 386,993 from $ 592,817, a reduction of 35%
General and administrative expenses for the three months ended June 30, 2007 were $278,460, compared to $338,429 for the three months ended June 30, 2006. This decrease was a result of reduced labor costs in the amount of $5,081 and an overall reduction of expenses in the amount of $48,883. During the six months ended June 30, 2007 compared to June 30, 2006, expenses were $474,635 and $729,875, respectively. This decrease was a result of reduced labor costs totaling $135,520. An additional reduction in overall administrative expenses resulted in a savings of $119,720 from the previous year.
While the change in management resulting from UPDA’s acquisition of Heartland did produce immediate operational cost reductions, the accomplishments of the aggressive drilling program instituted since that time are not yet reflected in the numbers posted during the second quarter. As previously reported, Heartland will soon bring an additional 17 new wells online and will continue drilling two new wells per week in its Cherokee Basin Coalbed Methane Field in Eastern Kansas. Further, within days, Heartland will complete the acquisition of UPDA’s Catlin Oil and Gas Field in Jack County, Texas and will take control of more than 10 producing wells in Palo Pinto County, Texas.
In anticipation of the acquisition in Palo Pinto County, Heartland authorized the completion of one of the wells into the Barnett Shale pay zone, thereby increasing its production to approximately 1000 mcfg/day. In light of this success, Heartland plans to complete at least six more of those wells into the Barnett Shale by the end of the year and to drill two salt water disposal wells. Heartland has also retained the services of well services giant Schlumberger to assist in its analysis of the Jack County wells with an eye toward recompletion in previously untapped production zones.
“While these numbers show that we have achieved our initial goal of reducing expenses and streamlining operations and that we can approach profitability from current production, we have a specific business plan that we intend to execute into the future. Our focus now is to deliver an increasing amount of natural gas to market,” stated Heartland CEO Steven A. Fall.
For further information, visit www.heartlandoilandgas.com
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Heartland Oil and Gas Corporation
Investor Relations
Jack Baker, 561-630-2977
info@heartlandoilandgas.com
Source: Business Wire (August 17, 2007 - 5:29 AM EST)
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